CapitaMalls Asia (CMA), a wholly-owned subsidiary of CapitaLand, has posted a profit after tax and minority interests (PATMI) of S$421.9 million for the fiscal year 2010, up nine percent from the S$388.1 million recorded in 2009.
“CapitaMalls Asia recorded a strong set of results in our first full year of operations since listing, tracking the robust economic growth in Asia and capitalising on our proactive asset enhancement initiatives and capital management strategy,” said Mr. Liew Mun Leong, Chairman of CMA.
He said, “Asia’s increasing urbanisation and consumerism will continue to drive its strong economic performance,” adding that the company will continue to focus its expansion on CMA’s key markets of China, Malaysia and Singapore.
Meanwhile, CMA’s full-year revenue rose 7.2 percent to S$ 245.4 million from S$228.9 million in 2009, while earnings before interest and taxes (EBIT) dropped 9.3 percent to S$472.4 million from S$ 521.1 million in 2009.
“Last year, we committed a total investment of S$2.0 billion in six new projects and recycled about S$500.0 million of capital through the monetisation of Clarke Quay to CapitaMall Trust and the listing of CapitaMalls Malaysia Trust,” said Mr. Lim Beng Chee, Chief Executive of the company.
In Singapore, the company’s acquisition of the Bedok Town Centre site last September strengthened its leadership position, he said, adding that the company “will actively pursue the sites up for tender this year. We opened five malls in China last year and acquired four more to give us a total of 53 shopping malls across 34 cities in China, of which 38 are operational. We target to open another five malls in China this year.”
In terms of quarterly results, CMA said its revenue for the fourth quarter dropped 16.5 percent to S$55.2 million from S$66.1 million over the same period last year, while PATMI also declined 15.2 percent to S$144.0 million in Q4 2010 from S$169.9 million in Q4 2009.