Keppel Land's profit slid 9.2% to $87.7m despite higher revenues

No thanks to lower associate contribution.

According to DBS, Kepland booked a 9.2% drop in net profit to S$87.7m despite 38% higher revenues, due to lower associate contribution and dividend income from investments in funds managed by Alpha Investment Partners, as well as higher effective tax rate of 21.6% (vs 5.1% in 1Q13). 

Here's more from DBS:

The impact was partly offset by better operating profits with higher gross margin  of 30.8% and higher rental income from MBFC3 and K-REIT. 

Rental and recurring income made up 60% of earnings. In the quarter, the group sold 714 property units including 54 from Singapore projects such as The Glades (23% sold to date) and 570 in China. Although China sales volume fell y-o-y, sales value was higher at RMB890m because they sold more from high end projects. Vietnam projects also saw improved take up.