Property giant CapitaLand reported a 45.6 percent decline in profit after tax and minority interest (PATMI) in Q4 2013, primarily due to a one-off loss on the sale of a stake in Australand.
On a yearly basis, the group’s PATMI dropped 8.7 percent to $849.8 million from $930.3 million in 2012.
Revenue also fell 2.3 percent in Q4 and 20.5 percent for the entire year.
Meanwhile, sales of its residential units in Singapore nearly doubled in 2013 with a total of 1,260 units sold or a sales value of $2.44 billion.
Revenue for CapitaLand Singapore climbed 7.8 percent last year to $1.02 billion “with revenue recognition from Bedok Residences, as well as stronger contribution from Sky Habitat and Urban Resort Condominium”, the group said.
Lim Ming Yan, President and Group CEO of CapitaLand, stated: “While FY2013 results were affected by several one-off losses, the overall business has generated significant improvement in operating PATMI which rose 42.9 percent.
“The strategic decisions we made in 2013 will position us well for the future. With strong economic fundamentals to support population growth, we believe the long-term demand for homes, shopping malls and offices in Singapore remains positive.”
Moving forward, the group plans to continue building its pipeline of commercial and residential developments by investing in well-located sites in Singapore and China.
“We will focus on the six city clusters in our core markets of Singapore and China to grow our business. To better leverage economies of scale and increase competitive advantage, we will harness our capabilities across our four core businesses and focus on integrated and mixed-use developments,” added Lim.
CapitaLand proposed an ordinary dividend of 8.0 cents per share for FY2013, up from 2012’s 7.0 cents per share.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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