Southeast Asia’s largest property developer, CapitaLand, has reported a 41 percent decline in its Q4 profit to S$522.1 million, down from S$885.7 million over the same period the previous year.
The company attributed the lower Q4 net profit mainly to smaller one-off gains, compared to the previous year.
However, revenue for the fourth quarter rose 36.5 percent to S$1.14 billion from S$833.03 million. This was attributed mainly to higher contributions from the company’s development projects in Singapore, Vietnam, China and Australia, as well as higher fee-based income.
In terms of its full-year result, the company said profit after tax and minority interests (PATMI) rose 20.9 percent to S$1.27 billion from S$1.05 billion in FY2009, while revenue also surged 14.4 percent to S$3.38 billion from the previous year’s S$2.96 billion.
CapitaLand said the strong full-year results were achieved on the back of strong sales and good revenue contributions from development projects in Singapore, Vietnam and Australia, with key contributors including The Interlace, The Wharf Residence and Latitude, in Singapore as well as Mulberry Lane and The Vista in Vietnam.