CityDev ends FY18 with record revenue despite 4Q decline; recommends special 6 cents dividend

By Michelle Zhu / The Edge Singapore | February 21, 2019 11:11 AM SGT
SINGAPORE (Feb 21): City Developments recorded earnings of $77.9 million for 4Q18, down 54.7% from $171.9 million a year ago on lower revenue and higher expenses.
Revenue for the quarter fell 40.6% to $788.3 million from restated 4Q17 revenue of $1.3 billion, arising mainly from variances in project and unit revenue recorded.
The main contributors of revenue for the latest quarter was New Futura, The Tapestry and Park Court Aoyama The Tower – whereas in 4Q17, it was Gramercy Park and The Brownstone executive condominium (EC), which obtained TOP in that quarter and recorded entire revenue from sold units then.
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