CityDev's net profit surged 73.4% to $384.9m in Q4

On back of robust property sales.

CityDev’s profit after tax and minority interest (PATMI) for the fourth quarter surged 73.4% year-on-year to $384.9m on back of robust property development revenue.

CDL also posted its highest ever annual revenue of $3.8 billion, up 17.1% from 2013.

Property development was the main contributor to CDL’s pre-tax profit. Despite tough market conditions, CDL, with its joint venture associates, sold 1,378 units including Executive Condominiums (EC), at a value of about $1.4 billion.

Hotel operations, primarily from Millennium & Copthorne Hotels plc (M&C), were the next highest contributor. Pre-tax profit for this segment increased by 191.1% for Q4 2014 and by 43.7% for FY 2014.