SingLand: Full yr results at $527.1m +32.6%yoy. Net profit at $661.7m up from loss of $266.0m in 2009. Gains from revaluation made up $538.5m of net profit over a loss in $347.2m in 09 attributable to Singapore Land Tower, Clifford Centre and The Gateway at Beach Rd...
Excluding revaluations, core operating profit was up 14.0% at $298.1m. Sales at The Trizon project (up 258% at $166.1m) due to revenue recognition and rev from Pan Pacific (up 21% at $109.8m) due to higher room and occupancy rates boosted topline figures partially offset from lower rental income. Renewal rental rates were lower than the expiry rates several yrs ago and fell $9.4m approx 4%...
Co has declared a div of 20c per share same as that of 09. Majority of business remains in property invt, contributing 47.7% of rev and all of fair value gains. Current NAV at $10.00 and at closing price of $7.29 translates to P/B of 0.73x
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