The net profit of CapitaMalls Asia in 2009 increased 235 percent to $388 million on-year.
The increase in net profit came mostly from the China market, said CapitaMalls Asia in its first full-year results. It added that the recent move by the Chinese government to tighten credits also helped boost its net profit.
Despite the economic downturn, consumer spending in Asia remained strong, benefiting several groups like CapitaMalls Asia.
Its net profit in 2009 rose over three-fold amid improved valuations of its properties.
"Singapore, China and Malaysia are experiencing a huge growth in their property income, mainly because of the underlying growing consumer market … And we’ve also opened a total of 11 malls in 2009, which also contributed to the bottom line," said Lim Beng Chee, CEO of CapitaMalls Asia.
The top line for the period increased 11.6 percent to $229 million on-year because of the higher contributions from investment activities and several existing malls.
China is expected to be part of its major market, which the company hopes to make 40 percent of its assets in the future.
It also said that the recent move of China to tighten credits may not badly affect its China operations. But it noted that any impact on its Chinese competitors may give CapitaMalls Asia opportunities to improve.
"Most of the property players are actually residential developers. In fact, some of them may have non-core retail properties. Given the credit situation, they may want to go back to their core residential businesses and that may present some opportunities for us," said Mr. Lim.