Revenue surged by $376.8 million
(or 77.7%) to $861.8 million (2006: $485.0 million) while a pre-tax
profit has more than doubled to $506.3 million (2006: $225.8 million).
The increase in revenue is mainly
attributable to contributions from Botannia, Chelsea Gardens,
Tribeca and higher revenue generated from Butterworth 33, City
Square Residences, 7 Draycott Drive, The Equatorial and The Imperial.
In accordance to the Group’s policy of equity accounting
for the results of its jointly-controlled entities, whilst revenue
from The Sail @ Marina Bay, Parc Emily, The Oceanfront @ Sentosa
Cove, Ferraria Park, St. Regis Residences, Cuscaden Residences
and Edelweiss Park has not been consolidated into the Group’s
total revenue, the Group’s share of profits arising from
these joint venture developments has been included in pre-tax
The increase in pre-tax profit,
which is in-line with the improvement in revenue, is also attributed
to profit recognised for The Oceanfront @ Sentosa Cove, higher
contributions from The Sail @ Marina Bay, Parc Emily and St. Regis
Revenue improved by $140.1
million (or 7.6%) to $1,986.5 million (2006: $1,846.4 million).
The increase in revenue is a result of higher Group RevPAR achieved
on the back of buoyant market conditions, particularly in New
York, London and Singapore.
Pre-tax profit decreased by
$111.2 million to $285.4 million (2006: $396.6 million) mainly
due the absence of one-off gain of $150.9 million on the disposal
of long leasehold interest in four Singapore hotels in the third
quarter of 2006 to CDL Hospitality Trusts (CDLHT) and increase
in impairment losses provided on hotels, partially mitigated by
the improved performance of hotel operations.
Revenue increased by 19.9%
to $201.5 million (2006: $168.1 million) as a result of general
improvement in average rental rates and occupancy.
Pre-tax profit has accelerated
to $133.6 million (2006: $30.0 million) mainly due to improvement
in revenue and write-back of impairment losses on investment properties
previously provided. It is also further enhanced by the profit
contribution from CDLHT.
Revenue, comprising mainly
income from hotel management, building maintenance contracts,
project management, club operations and dividend income, has improved
by 18.8% to $56.3 million (2006: $47.4 million) due to higher
dividend income and management fees earned.
Pre-tax profit for this segment
decreased by $10.5 million to $29.3 million (2006: $39.8 million)
due to lower mark-to-market gain recognised from financial assets
held for trading and exchange loss arising from foreign currency