SINGAPORE (Feb 26): City Developments Limited (CDL) this morning announced that its 4Q19 earnings have increased by 12.5% to $87.7 million from $77.9 million a year ago. This brings 4Q19 earnings per share to 9.0 cents, 13.9% higher than 7.9 cents in 4Q18.

Revenue for the fourth quarter ended Dec came in at $946.9 million, 20.1% higher than $788.3 million last year, with increased contribution across all business segments.

Property development segment was backed by several Singapore projects including The Tapestry, Whistler Grand and Amber Park, as well as the fully sold 32 Hans Road project in the UK. The inclusion of W Singapore – Sentosa Cove into the group’s hotel portfolio in 2Q19 bolstered the increase for the hotel operations segment.

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