CapitaLand Limited has announced that its net profit for 2011 reached S$1.06 billion, marking the company’s sixth consecutive year of profit in excess of S$1 billion.
Boosted by higher revenue contributions from development projects in its core markets of Singapore, Australia, China and Vietnam, the group recorded a revenue jump of 17.3 percent during the three months ended 31 December 2011 to S$1.059 million, with earnings before interest and tax (EBIT) for the year amounting to S$2.09 billion.
“This is the sixth consecutive year that CapitaLand has achieved a robust net profit exceeding S$1 billion,” announced Dr. Richard Hu, Chairman of CapitaLand Group.
“This remarkable achievement amidst volatile global market conditions is the result of the group’s aggressive growth strategy, tempered by prudent capital management and financial discipline.”
Full year revenue from development projects comprised healthy contributions from Urban Resort Condominium, The Interlace and The Wharf Residence in Singapore as well as developments in China and Vietnam.
In Singapore, the group sold 844 residential units amounting to approximately S$1.35 billion, with over 80 percent of Bedok Residences’ 583 available units sold within the first three days of its launch.
“Bishan Central condominium was unveiled during the year. Westgate, the retail-office development at Jurong Gateway, designed by internationally renowned architectural firm Benoy and the Grade A office tower CapitaGreen, designed by star architect Toyo Ito, have also commenced construction and would be completed in stages from as early as end- 2013 and 2014 respectively,” said Hu.
He noted that the company also acquired a prime site in Chongqing’s Yuzhong District to be developed into a mixed-use project comprising a shopping mall, office space, serviced residence, hotel and residential units.
Whilst the global uncertainties remain, Hu said the company remains optimistic on the region’s growth prospects.
“We are confident that our prudent capital structure and investment approach will enable us to weather market volatility.”
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