Keppel Land earnings shoot up 76.8%

Its impressive $236.6 million net profit for 1H12 was attributed to strong property trading and improved K-REIT Asia performance.

Property trading contribution of $199 million boosted by strong earnings from Reflections at Keppel Bay. Fund management also contributed $28.5 million or 12% of net profit.

"Keppel Land achieved a 76.8% increase in net profit to $236.6 million for the first half of 2012, driven largely by stronger contribution from property trading, improved performance from K-REIT Asia and higher fund management earnings," Keppel Land said in a release accompanying its 1H12 financial results.

"Property trading recorded a 182% increase to $199 million, on strong earnings contribution from Reflections at Keppel Bay and Marina Bay Suites in Singapore. Increased overseas contributions came mainly from The Springdale in Shanghai, The Botanica in Chengdu and Central Park City in Wuxi, China," it said.

"Net profit from property investment grew by 38.8% year-on-year to $38.6 million in the first half, due largely to improved earnings from K-REIT Asia’s enlarged property portfolio following its acquisition of an 87.5% stake in Ocean Financial Centre (OFC) in December 2011," it added.

"The Group’s fund management vehicles, K-REIT Asia and Alpha Investment Partners (Alpha), continued to achieve steady performance, contributing $28.5 million or 12% of net profit," it said further.