By Justina Lee
City Developments Ltd. (C09.SG) reported an 34% fall in net profit for the third quarter due to lower revenue.
For the quarter ended Sept. 30, net profit was 115 million Singapore dollars (US$84.4 million), compared with S$173.3 million in the same period last year, the property developer said in a filing to the stock exchange late Tuesday.
Revenue in the quarter declined 13% to S$885.3 million, from S$1.02 billion a year earlier.
The company has maintained its strong cash position of S$3.00 billion and a net gearing ratio of 43% as of Sept. 30, it said.
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