2Q10 net profit +20% yoy & +8% qoq to $70m in line with expectations, with improvements across all segments. This brings 1H earnings to $135m, ~45% of consensus estimates. Property trading (+14% qoq) was the main driver accounting for almost 80% of earnings underpinned by strong sales in China while property investment & fund mgmt also saw increased contributions. Overseas sales accounted for 41% of net earnings. Contributions from associates, which incl Reflections, Carribean & Marina Bay Suites was flat qoq.
The group sold 40 units at MBS & 745 units at Reflections in 2Q10. Despite cooling measures, 1,183 units (745 in Chengdu, 311 in Wuxi and 43 in Tianjin) were sold in China. MBFC is 80% leased with Phase 1 100% pre-committed and phase II 55% while OFC is now 63% pre-committed.
Going forward, Kepland plans to launch its 630-unit Lakeside project by end-10. Remaining units of MBS & Reflections will be released in 2H. Another 3092 units will be launched in China (incl 1,680 units at Tianjin Eco City & 260 units at 8 Park Ave in Shanghai) & 1180 units in Vietnam.
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