City Developments Fourth-Quarter Profit Declines 32%, Missing Estimates
City Developments Ltd. (CIT), Singapore’s second-largest real-estate company, said profit in the fourth quarter declined 32 percent from a year earlier.
Net income for the three months ended Dec. 31 slid to S$163.2 million from a revised S$241 million in the same period a year ago. That lagged behind the S$167.8 million average of eight analysts’ estimates compiled by Bloomberg. Revenue climbed 7.4 percent to S$721.5 million, compared to the S$738.2 million estimated by analysts. Revenue in the same period a year ago was restated at S$672 million
A unit of City Development paid $157.6 million including assumed debt for a stake in Thailand Shareholder Investments Ltd., it said on Jan. 12. The Thai company owns stakes in retail and hotel developments in Phuket and Bangkok, it said.
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