SINGAPORE (Nov 12): City Developments Limited (CDL) reported earnings of $115.0 million for 3Q19 ended September, some 33.7% lower than $173.3 million posted last year.

On a fully diluted basis, this translated to earnings per share of 12.1 cents for 3Q19, compared to 18.2 cents in 3Q18.

3Q19 revenue fell 12.9% to $885.3 million, from $1.02 billion a year ago. This was attributable mainly to a 37.8% drop in revenue in the property development segment due to the timing of revenue recognition for development projects. 

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