City Developments' profits down 15% to S$678m

But here's why it's not entirely bad news.

According to OCBC Investment Research, City Development’s full-year PATMI cumulates to S$678m (down 15% YoY) or an EPS of 73.2 S-cents. Meanwhile, 4Q12 PATMI rose 53% YoY to S$249m, mostly due to stronger progressive recognition from property development projects. 

Here's more:

Excluding one-time gains, we estimate core FY12 PATMI at S$571m which we judge to be mostly in-line with our FY12 forecast of S$564m.

Topline for FY12 came in at S$3,354m, up 2.2% and again driven mainly by a stronger performance from the property development unit. Management also proposed a special ordinary dividend of 5 S-cents, in addition to the ordinary dividend of 8.0 S-cents, for a total of 13 S-cents per share.