Property developer CapitaLand has posted a massive 85.1 percent year-on-year rise in its net profit to S$148.5 million in Q3 2012 and a 12.9 percent upturn in revenue to S$686.9 million.
The group’s profit growth was driven by higher revenue from development projects in Singapore, China and Australia and from its shopping mall and fee-based income businesses. Revenue for Singapore stood at S$220.1 million; China accounted for S$67.9 million; while sales from development projects in Australia were also higher during the quarter.
Revenue from the group’s shopping mall business was healthy due to the acquisition of four malls in Japan. At the same time, revenue from serviced residences increased, attributed to higher property management fees and newly opened properties.
Also, earnings before interest and taxes (EBIT) rose 41.3 percent to S$383.3 million year-on-year, spurred by higher operating profits and portfolio gains of S$75.0 million from the divestment of Ascott Raffles Place and Ascott Guangzhou to Ascott Residence Trust.
Moreover, CapitaLand’s profit after tax and minority interests (PATMI) for the nine months ended September 2012 stood at S$667.6 million, up 15 percent compared with the same period last year.
“We have done well again. Our robust results in this quarter reinforce the Group’s continued commitment and confidence in the markets where we operate,” said Liew Mun Leong, President and CEO of CapitaLand.
“As one of Asia’s largest real estate companies, it is our strategy to hold a long-term view and to remain ahead of the competition.”
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