CityDev Q1 net profit up 31%; more profits to be recognised
Property developer City Developments Ltd said net profit for the first quarter ended March 31, 2008 rose 30.8 per cent to $164.97 million due to strong property development segment. Basic earnings per share rose to 18.1 cents versus 13.9 cents a year ago – an increase of 30.2 per cent. Revenue for the period, however, … Read more
City Developments posts 31% rise in Q1 net profit to S$165m
Property developer City Developments has reported a 31 percent rise in first-quarter earnings to S$165 million. The results came at the lower end of expectations. Revenue fell 1.3 percent to about S$759 million. The Singapore property market cooled substantially in the first quarter in the wake of the US sub-prime crisis late last year. The … Read more
UOL Group posts 44% drop in Q1 net profit to S$43m
Property developer UOL Group has posted a 44 percent drop in first-quarter net profit to about S$43 million. This was due to the absence of a one-time gain on the sale of Central Plaza, which lifted the number in the year-ago period. Revenue rose 11 percent to about S$162 million, boosted by better performances from … Read more
UOL Q1 net profit falls 44%; outlook cautiously optimistic
UOL Group Ltd on Wednesday reported net profit for the first quarter ended March 31, 2008 fell 44 per cent to $42.85 million, leaving the property and hotel group cautiously optimistic in its outlook. Revenue rose 11 per cent to $161.72 million. The increase in revenue came largely from improved performance of the group’s hotels … Read more
Hong Leong Asia sees 38% rose in Q1 earnings to S$30.2m
Building materials group Hong Leong Asia on Wednesday reported a 38 per cent rise in first quarter earnings to S$30.2 million while its revenue rose 34 per cent to about S$1.1 billion. The improved earnings and higher revenue were due to higher unit sales volume of its China operations. The company said there was also … Read more
Hong Leong Asia Q1 net proft up 38%; sales surpass $1 bln
Hong Leong Asia on Wednesday reported net profit for the first quarter ended March 31, 2008 rose 38 per cent to $30.16 million due to higher sales in China. Revenue grew 34 per cent to surpass the billion dollar mark, at $1.05 billion. The group is positive in its 2008 outlook but warned that growth … Read more
Tax rebate won’t stem US recession: Merrill Lynch
The US economy is in a recession and stimulus from a government tax rebate later this quarter will only temporarily stem a fall in consumer spending, a Merrill Lynch economist said on Wednesday. US households will get tax rebates next month as part of a US$152 billion stimulus package passed earlier this year, aimed at … Read more
US home foreclosures hit fresh high in April: survey
In a further sign of the still-troubled US housing market, a survey on Wednesday showed home foreclosure actions hit a fresh all-time high in April of 243,353. The survey by the research firm RealtyTrac said the percentage of foreclosure actions – including default, auction sale notices and bank repossessions – rose 4 per cent from … Read more
Fed warns market conditions are ‘far from normal’
But liquidity moves have helped relieve strain: Bernanke US Federal Reserve chairman Ben Bernanke said yesterday that emergency Fed liquidity measures have helped relieve strain in financial markets, but the recovery process remains incomplete. ‘To date, our liquidity measures appear to have contributed to some improvement in financing markets,’ he told the Federal Reserve Bank … Read more
Bernanke says crisis not over; prices worry others
United States Federal Reserve Chairman Ben Bernanke said the credit crisis was not over, even as his colleagues revealed growing concerns about inflation that could signal a pause in interest rate cuts. ‘Conditions in financial markets are still far from normal,’ Mr Bernanke said on Tuesday. ‘Ultimately, market participants themselves must address the fundamental sources … Read more
