Owing to declining contributions from rental properties as well as losses resulting from the turmoil in international markets, property developer and hotel-owner City Developments (CDL) witnessed a 32.4 percent year-on-year fall in its net profit figures for the third quarter.

The S$132.1-million net profit reported by CDL in the third quarter was lower than the restated figures of S$195.5 million for the same quarter last year. The comparable net profit figures for last year were restated - originally S$195.9-million net profit was posted - because of a new accounting policy that recognises overseas projects and some local projects only after their completion.

Further reporting that the revenue for the most recent quarter had increased 8.1 percent to S$805.8 million, CDL said in its result filing that the profit plunged even in spite of a rise in contribution from the property development segment because of lower contribution from rental properties - an upshot of the disposal of non-core investment properties last year and early this year.

CDL also said that its third-quarter performance had also taken a hit from higher recognition of net unrealised losses that resulted from fair value readjustments of the trading securities of the company.

CDL also revealed that its cash reserves were S$2.6 billion as of September 30, and added that a strong balance sheet, along with a war chest, makes the group "well positioned to weather this economic turbulence and seize good opportunities in a timely manner, which may arise as a result of this downturn."