Keppel Land Ltd. reported earnings results for the third quarter and nine months ended Sept. 30, 2009. The company reported that third-quarter net profit rose 70% to $78.5 million, from $46.2 million a year ago, as it booked more revenue from its projects and also saw greater contributions from associated companies. Revenue climbed 23% to $227.8 million from $185.8 million in the third quarter 2008. The increase was due mainly to progressive revenue recognition from a fully sold project in Singapore, The Sixth Avenue Residences, which obtained its temporary occupancy permit in August 2009. Earnings per share rose to 6.8 cents, from a restated 4.6 cents. For the nine months ended September 30, 2009, the company saw net profit of $173.6 million, up 9% from $159.1 million last year. Revenue for the first three quarters fell slightly by 3% to $623.4 million compared with $644.8 million in 2008. The decrease was due largely to the completion of a few projects during the last financial year. the company's net debt decreased by $765 million over the first nine months of the year. The decrease in net debts was mostly due to proceeds from the rights issue received in June 2009.

Keppel Land Ltd. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported operating profit of $65.6 million and profit before taxation of $107.7 million compared to operating profit of $42.98 million and profit before taxation of $60.07 million for the same period last year. The company reported net cash from operating activities of $126.4 million, purchase of fixed assets of $1.04 million, expenditure on investment properties of $14.26 million and expenditure on development properties of $0.973 million compared to net cash used in operating activities of $3.83 million, purchase of fixed assets of $5.36 million, expenditure on investment properties of $32.31 million and expenditure on development properties of $0.507 million for the same period last year. The higher net inflow was due to higher progress billings received, mainly from The Sixth Avenue Residences in Singapore and several trading projects in China. EBITDA was $67.9 million compared to $44.8 million for the same period a year ago. For the nine months, the company reported operating profit of $142.6 million and profit before taxation of $246.8 million compared to operating profit of $175.06 million and profit before taxation of $219 million for the same period last year. The company reported diluted earnings per share of 15 cents compared to 15.7 cents for the same period last year. The company reported net cash from operating activities of $189.3 million, purchase of fixed assets of $2.64 million, expenditure on investment properties of $37.97 million and expenditure on development properties of $1.28 million compared to net cash from operating activities of $80.8 million, purchase of fixed assets of $9.84 million, expenditure on investment properties of $50.7 million and expenditure on development properties of $7.33 million for the same period last year. Annualised return on equity was 8.4% compared to 9.2% for the same period a year ago.

Keppel Land Ltd reported 70% increase in net profit to $78.5 million for the third quarter. The company plans to look at acquisitions opportunities. Keppel Land said following its rights issue, it is well-positioned to capitalize on opportunities to expand through acquisitions.