The Wall Street Journal-20080130-Keppel Land Ltd-- Net Jumps Sevenfold On Portfolio-Value Markup

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Keppel Land Ltd.: Net Jumps Sevenfold On Portfolio-Value Markup

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Keppel Land Ltd. reported a more than sevenfold jump in fourth- quarter net profit thanks to a markup in the value of its property portfolio and the sale of a stake in a Singapore skyscraper. The developer said net profit rose to 572.3 million Singapore dollars (US$402.8 million) from S$81.2 million a year earlier. Keppel Land posted a gain of S$235.2 million from the divestment of its one-third stake in Singapore's One Raffles Quay building to K-Reit Asia. Revenue rose 8.5% to S$371 million from S$342 million. Keppel Land also reported a S$338.2 million appreciation in the value of its portfolio of office buildings. Full-year net profit rose to S$780 million from S$200 million.