Group quarterly results

Turnover was highest in the fourth quarter due to more progressive revenue recognition for the Group’s residential developments such as The Seasons in Beijing as well as both Urbana and Park Infinia at Wee Nam in Singapore.

Operating profit of $75.1 million in the second quarter was contributed mainly by the sale of Evergro Properties’ subsidiary which owned 133 ha of land in Tianjin and earnings from 8 Park Avenue in Shanghai, and Park Infinia at Wee Nam and The Suites at Central in Singapore.

Profit before taxation but after en bloc property sales and impairment loss at $102.6 million was highest in the fourth quarter due mainly to gains from the sale of Hotel InterContinental in Singapore and Ocean Towers in Shanghai.

At the attributable profit level, the Group’s projects did better in all quarters compared with those for the corresponding quarters in 2005 with the fourth quarter recording a profit of $81.2 million. The better performance in 2006 came on the back of higher contributions from residential projects in China and Singapore, and gains from en bloc sales and write-back of provision for properties held for sale, partly offset by impairment loss.