Keppel Land reported FY08 net profit of $227.7m, -71% yoy, on a 40% decline in revenue to $842.2m. Slower development income was partially offset by a decline in interest expense and one-off gains from writeback of costs relating to restructuring of interest in ORQ ($14.5m), negative goodwill from additional stake in Kreit ($10.7m) and fair value gain from investment properties ($4.5m). Excluding the one-time items, net profit would have been $198m, in line with expectations. The group is proposing a final DPS of 8cts (5.3% yield) and is seeking shareholder approval to establish a dividend reinvestment scheme.
DBS Group Research . Equity, 22 Jan 2009
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