Keppel Land's net profit up by 70.3%

Property trading, with gains tripling to $133.4 million, contributed largely to the overall earnings.

According to a release from Keppel Corporation, Keppel Land achieved net profit of $141.9 million for the quarter ending 31 March 2012. This was 70.3% higher than the net profit of $83.3 million for the first quarter of 2011. Earnings were lifted mainly by improved contribution from property trading with the completion of several projects/phases in Singapore and China.

Net profit from property trading more than tripled to $133.4 million compared with $43 million in the first quarter of 2011. The strong performance was largely due to bumper contribution from Reflections at Keppel Bay following the handover of completed units to buyers who bought under the deferred payment scheme. There were also contribution from Marina Bay Suites on higher percentage of completion as well as completed phases at The Springdale, The Botanica, and Central Park City in China.

Property investment also performed well with net profit up 37.9% to $20 million on higher contribution from K-REIT Asia following its acquisition of an 87.5% interest in Ocean Financial Centre.

Higher fee income for K-REIT Asia Management and Alpha Investment Partners led to a 36.2% increase in net profit from fund management to $12.8 million, compared with $9.4 million in the first quarter of 2011.