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City Developments posts 60.1% rise in 3Q earnings to $170.3 mil on stronger sales and divestment gains

Michelle Zhu
Michelle Zhu11/10/2016 08:19 AM GMT+08  • 2 min read
City Developments posts 60.1% rise in 3Q earnings to $170.3 mil on stronger sales and divestment gains
SINGAPORE (Nov 10): City Developments Limited (CDL) reported a 60.1% rise in 3Q16 earnings to $170.3 million from $106.4 million a year ago, bringing its earnings per share up 59.8% to 18.7 cents for the quarter from 11.7 cents in 3Q15.
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SINGAPORE (Nov 10): City Developments Limited (CDL) reported a 60.1% rise in 3Q16 earnings to $170.3 million from $106.4 million a year ago, bringing its earnings per share up 59.8% to 18.7 cents for the quarter from 11.7 cents in 3Q15.

In a Thursday filing to the Singapore Exchange (SGX), the property developer says this was mainly due to a strong sales performance in its property development segment and gains the divestment of its entire 52.52% interest in City e-Solutions (CES), a subsidiary listed on Hong Kong Stock Exchange (HKSE).

Revenue increased 14% to $922.8 million from $809.3 million in 3Q15, driven by the property development segment, which continued to be the highest contributor to revenue at $371.8 million.

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