Singapore’s City Developments Reports Record First-Half Profit
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City Developments Ltd., run by Singapore’s richest property empire, reported a record first-half profit driven by divestment of assets as well as revenue from hotel operations and property development.
The company reported net profit after tax and non-controlling interest of S$1.1 billion ($803 million) in the first six months of the year, reversing a net loss of S$32.1 million in the same period last year, it said in a statement Thursday. Revenue increased 23.5% to S$1.5 billion.