Kepland's FY07 results were in line with expectations. Revenue grew by
48.5% from S$948m to S$1,407.9m and net profit rose by 289.2% y-o-y to
S$779.7m for FY07. Dividend of 20 cents was declared for FY07.
Healthy revenue and bottomline growth were mainly attributed to
contributions from newly launched projects in FY07 including Six Avenue
Residences and China projects Villa Riviera and The Arcadia, as well as
existing projects. Associates income rose on maiden sales of Reflections
at Keppel Bay and Marina Bay Residences. Net profit was further boosted by
S$235m surplus from ORQ transaction and S$334m revaluation gains of the
office portfolio.
Post asset divestment and revaluation, net gearing improved to 0.41x,
enabling KepLand to undertake large-scale developments in the future.
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