Sunday, February 12, 2012

Fourth-quarter earnings for CMA fall 40%

Straits Times: Sat, Feb 11
THE combination of new accounting rules and higher staff costs sent fourth-quarter earnings plunging 40 per cent at CapitaMalls Asia (CMA).

Earnings came in at $205.4 million for the three months to Dec31, although revenue gained 20 per cent to $66.3 million on the back of higher rental revenue from a mall in Malaysia and higher contributions from the fund management business.

Full-year net profit fell 16 per cent to $456 million while revenue inched up 0.3 per cent to $246.2 million.

The hit came from the new accounting rules, which affected profit recognition of its Orchard Residences project; provisions for Hong Kong dual-listing expenses; and higher staff costs due to an increase in headcount...

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