KepLand's FY2010 net profit crosses S$1b, plans special dividend

By ANGELA TAN


Keppel Land, the property arm of marine conglomerate Keppel Group, reported on Monday net profit for the fourth quarter ended December 31, 2010 rose 687 per cent to S$841.01 million, compared to S$106.85 million a year ago.

This is despite a 6.3 per cent slip in sales for the quarter to S$281.46 million.

For the full year 2010, net profit grew by 273 per cent to S$1.05 billion, lifted mainly by a S$363.8 million gain from the sale of the Group's one-third interest in Marina Bay Financial Centre Phase 1 as well as higher fair value gain on investment properties.

Excluding fair value gain on investment properties/impairment, net profit grew to S$640.8 million, up by 145.2 per cent compared to 2009.

Sales for the year slipped 14.2 per cent to S$792.27 million.

The company is recommending a distribution of 18 cents per share, comprising a special dividend of 9 cents per share and an ordinary dividend of 9 cents per share. For 2009, it paid a final dividend of 8 cents a share.