April 2010 - Keppel Corporation

10 Sustaining GrowthStrong earnings growth for propertyRecovery in property markets across Asia underpinned Keppel Land’s1Q 2010 results, while K-REIT Asia benefitted from the returning businessconfidence to the Singapore office segment.EARNINGS UPKeppel Land achievedgood results for the quarterended 31 March 2010,bolstered by recovery inthe property markets acrossAsia. Net profit for the firstquarter grew by 75.3% to$64.7 million compared with$36.9 million achieved in thefirst quarter of 2009.Residential sales in Singaporeand overseas remainedrobust. Net profit fromproperty trading grew by53.6% year-on-year to$48.7 million in the firstquarter. Contribution camemainly from Reflections andCaribbean at Keppel Bay,Marina Bay Suites andMarina Bay Residences inSingapore, as well as TheArcadia and Villa Riviera inChina.With recovery in the officemarket, net profit fromproperty investment rose29.2% year-on-year to$12.4 million, due largely tohigher contribution fromK-REIT Asia. Higher feeincome from K-REIT AsiaManagement and AlphaInvestment Partners boostednet profit from fundmanagement activities to$7.4 million, up 60.9% fromthe same period last year.With demand increasing forpremium residences in closeproximity to the integratedMarina Bay Suites will benefit from interest generated by the opening of integrated resort, Marina Bay SandsKeppelite I April 2010