Major property developer City Developments Ltd (CDL) announced a whopping 67.6% jump in net profit compared with a year ago. For the first quarter of 2010 under review, its revenue increased by 20.6% to $750.5 million.

The after-tax profit attributable to shareholders for Q1 2010 amounted to $139.3 million. For the same time period, basic earnings per share rose to 15.3 cents from 9.1 cents in Q1 2009, an increase of 68.1%.

The group stated that all its business segments had shown improvement when compared to Q1 2009. The property development segment remained the main contributor to profits. In particular, the profit contribution from the rental properties segment had recorded an improvement of 90.8% due primarily to the gain recognised on disposal of the North Bridge Commercial Complex in March 2010.