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The Group achieved
record earnings before interest and tax (EBIT)
of S$3,824.0 million for full year 2007, more than
double that of last year. The exceptionally strong
EBIT was driven by higher profits from the development
projects, the recognition of fair value gains from
the Group’s investment properties portfolio,
higher portfolio gains and improved operating performance
from the Group’s core businesses. Overseas
EBIT contribution for full year 2007 rose by 69.0%
to S$1.5 billion from S$883.2 million, with China
and Australia being the two key contributors.
Full year 2007 EBIT for CRL of S$1,073.7 million
was 52.6% higher than 2006, contributed by its
Singapore, Australia and China operations. The
improvements in these three sectors arose from
stronger sales and fair value gains from Australia
and China as well as the write back of previous
provisions from Singapore. CRL’s Singapore
operation recorded a significant increase in EBIT
and profit margins, in line with the strong recovery
of the Singapore residential market.
CCL’s EBIT for full year 2007 was significantly
higher at S$1,962.9 million, more than five times
that of 2006. This was mainly attributed to the
fair value gains from investment properties, divestment
gains, improvement in operating results as well
as the consolidation of Raffles City Shanghai and
1 George Street. During the year, CCL divested
Temasek Tower, Chevron House (Singapore) and AIG
Tower (Hong Kong).
CRTL’s EBIT for full year 2007 of S$297.9
million was also higher by 34.7% as compared with
2006. The increase was mainly attributable to higher
revenue and fair value gains from investment properties.
CFL’s
EBIT for full year 2007 of S$69.7 million was an
increase of 13.2% over that of 2006. This increase
was primarily a result of higher fund management
revenue and higher share of profits from the associates,
but partially offset by impairment loss on certain
investments and increased operating expenses.
The Serviced Residence SBU achieved total EBIT
of S$337.2 million for full year 2007, an increase
of 66.5% from 2006. The EBIT growth was a result
of the initiatives on yield maximisation combined
with the growing popularity and demand for serviced
residences which contributed to the increase in
revenue per available unit (REVPAU). It was also
boosted by the portfolio gains from the divestments
of Masters Golf & Country Club, Hotel Asia,
Somerset Bayswater, as well as the share of fair
value gains from investment properties held by
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