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.
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