Singapore Land net profit up 5% in 1Q 2011

Net profit increased from $55.5 million to $58.2 million for the period ended 31 March 2011, said Singapore Land.

According to their report, revenue at $138.3 million increased by $30.7 million or 29% due to higher progressive sales recognition of trading properties and improved revenue in Pan Pacific Singapore hotel, partially offset by lower rental income.

Sales of trading properties at $48.4 million was higher by $29.1 million or 151% due to additional units sold and higher percentage of completion in The Trizon residential project.

Revenue in Pan Pacific Singapore hotel increased by $3.1 million or 12% to $28.5 million with higher room and occupancy rates, and F&B revenue.

Although occupancy rates have improved, gross rental income from investment properties dropped by $1.5 million or 2% to $60.0 million as renewal rentals were still lower than the expiry rates.

Share of operating results of associated companies decreased by $2.8 million or 25% to $8.2 million attributable mainly to absence of contribution from One Amber residential project, partially offset by higher contributions from Mandarin Oriental and Marina Mandarin hotels (higher room and F&B revenue).

Overall, net attributable profit increased by $1.1 million or 2% to $48.8 million.