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CityDev reports 23.4% fall in 4Q earnings to $186.7 mil despite higher sales

PC Lee
PC Lee2/28/2018 08:03 AM GMT+08  • 3 min read
CityDev reports 23.4% fall in 4Q earnings to $186.7 mil despite higher sales
SINGAPORE (Feb 28): City Developments reported a 23.4% fall in 4Q17 earnings to $186.7 million while FY17 earnings came in 17.6% lower at $538.2 million.
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SINGAPORE (Feb 28): City Developments reported a 23.4% fall in 4Q17 earnings to $186.7 million while FY17 earnings came in 17.6% lower at $538.2 million.

In mitigation, CityDev says FY16 earnings of $653.2 million were boosted by contribution from Hong Leong City Center (HLCC) in Suzhou, higher margin projects like Coco Palms, D’Nest and Lush Acres EC, divestment of its 52.52% stake in City e-Solutions, sale of Exchange Tower and the recapitalisation of Summervale Properties which holds Nouvel 18.

Despite a challenging operating environment, CityDev reported 4Q17 revenue increased by 13.8% to $1.3 billion while revenue for FY17 remained stable at $3.8 billion. 4Q17 revenue was boosted primarily by contribution from The Brownstone EC which obtained its TOP in Oct 2017, enabling revenue and profit to be recognised in entirety upon completion.

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