Economics
City Developments’ Net Rises as Singapore Rebounds
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City Developments Ltd., Singapore’s second-largest property company, posted an 18 percent increase in second-quarter profit as the city-state’s economic recovery boosted demand for homes and office space.
Net income for the three months ended June 30 rose to S$164.6 million ($120 million), or 17.2 cents a share, from S$140 million, or 14.7 cents, a year earlier, the company said in a statement to the Singapore stock exchange. Revenue climbed 20 percent to S$941.7 million.