Financial Performance

Keppel Land’s sales for the year were $500.5 million compared with $996 million in 1999. Despite lower sales, the Group achieved a pre-tax profit of $158.9 million, a 12.5% increase over the previous year’s. This improvement was due to the increase in occupancies and rentals achieved by the Group’s office buildings, maiden profit contributions from Caribbean at Keppel Bay and Freesia Woods, cost adjustments in respect of recently completed projects, and the release of certain provisions no longer required.

At the attributable level before extraordinary items, the Group’s profit of $120.6 million showed a 53.3% increase over the previous year’s due to higher pre-tax profit, and lower tax charge and minority interests.

At 31 December 2000, the Group’s debt-equity ratio was 0.98, down from 1 a year ago.

During the year, shareholders’ funds grew from $2.15 billion to $2.24 billion. As a result, the Company’s net tangible asset per share rose 4% to $3.16.