City Development's 4Q13 profits dropped 11.4% to $683m

Blame it on low contributions.

According to OCBC, 4Q13 PATMI decreased 11.4% YoY mostly due to lower contributions from the property development segment and the absence of disposal gains recorded in 4Q12. 

On a full-year basis, FY13 PATMI cumulated to S$683.0m which was almost flat (up 0.7%) versus last year.

Here's more from OCBC:

Similarly, earnings per share came in 0.7% higher at 73.7 S-cents per share; this constituted 111% and 104% of our FY13 forecast and consensus, respectively, and somewhat lumpy from faster than anticipated progressive recognition but judged to be within expectations.

An ordinary final dividend of 8.0 S-cents per share was proposed. The group anticipates headwinds in the domestic residential market – its core business segment – going ahead and aims to accelerate its diversification plans into overseas growth markets, such as US, Japan, Australia, China and London.

To this end, they have installed a new CEO, Grant Kelley who was the head of Apollo Global Management’s Asia Pacific real estate business, to spearhead this strategic shift.