Keppel Land, the property developer partly owned by the world’s biggest builder of oil rigs, posted a 46% gain in first-quarter profit from a year earlier because of higher home sales.
Net income for the three months ended on March 31 was $92.1 million compared with $63.3 million a year earlier, the Singapore-based company said in an e-mailed statement today. Revenue more than tripled to $357.9 million from $106.5 million a year earlier.
Earnings from property trading increased 8.2% in the quarter to $51.6 million as the developer sold residential projects in Singapore and Bangalore, Keppel Land said.
