Thanks to impressive development projects.
According to a release, CapitaLand Limited achieved 85.1% year-on-year increase in net profit to S$148.5 million for the quarter ended 30 September 2012.
Group revenue grew 12.9% to S$686.9 million, driven by higher revenue recognised from development projects in Singapore, China and Australia as well as strong contribution from the Group’s shopping mall and fee-based income businesses.
Revenue from the Group’s Singapore development projects increased 7.0% to S$220.1 million, mainly from The Interlace and Urban Resort Condominium.
Revenue from China accounted for S$67.9 million, up 67% from the same period last year, with revenue contribution from the sale of Ascott Guangzhou, Metropolis, Riverside Ville and Beau Residences. Sales from development projects were also higher in Australia this quarter.
This year, revenue from the shopping mall business has been on the rise, due mainly to the acquisition of four malls in Japan, while revenue from serviced residences rose slightly with contribution from newly opened properties and higher property management fees.
The Group’s fee income from its fund management, property and project management services also increased as a result of an enlarged asset under management portfolio, improved performance of managed properties as well as new management contracts secured.
For 3Q 2012, the Group’s EBIT grew by 41.3% to S$383.3 million year-on-year, boosted by higher operating profits and portfolio gains. Portfolio gains amounted to S$75.0 million, mainly arising from the divestment of Ascott Guangzhou and Ascott Raffles Place to Ascott Residence Trust.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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