City Developments (CTDM.SI), Southeast Asia’s second-largest property firm, posted a 1.1% rise in third quarter net profit on Wednesday as higher income from hotels were offset by a drop in development income.

CityDev, which owns 53% of London-listed hotel operator Millennium & Copthorne (MLC.L), said its net profit rose to $195.8 million in the July-September period from $193.6 million a year ago.

The firm’s pretax earnings from property development fell to $116.1 million from $174.1 million, while pretax profit from hotel operations doubled to $74.8 million from $37.3 million.

 

CityDev’s larger rival CapitaLand reported in October its third quarter net profit fell 43% to $159.6 million, widely missing expectations as rental from shopping malls dropped and it booked less revenue from residential sales.