By Justina Lee
City Developments Ltd. (C09.SG) reported its third-quarter results late Tuesday. Here is what we watched:
REVENUE: Revenue for the quarter was 885.3 million Singapore dollars (US$650.0 million), 13% lower on year. The figure, however, exceeded S$864.1 million estimated in a poll by FactSet.
EPS: Third quarter earnings per share was at 12.7 Singapore cents, which was lower than the S$0.15 estimated by Factset.
WHAT WE WATCHED:
--SINGAPORE MARKET: City Developments said that while the Singapore property market continued to face challenges due to the supply overhang, residential launches were achieving healthy sales.
--HOTEL OPERATIONS: The company said it was planning an internal restructuring of its hotel business to improve operational efficiency in light of slowing global growth and stiff competition in the hospitality sector.
--GLOBAL EXPANSION: City Developments said it would continue to pursue acquisition of development sites and investment properties in its core overseas markets of the U.K., China, Japan and Australia.
Write to Justina Lee at firstname.lastname@example.org