Mapletree Investments delivered a net profit of $859.4 million for the financial year ended 31 March 2014 (FY13/14).
This is a 7.8 percent fall from a year ago, mainly due to a lack of disposal gains compared to last year.
Total revenue for FY13/14 was $548.6 million, compared to $686.3 million in FY12/13. The drop was mainly due to the deconsolidation of Festival Walk and Mapletree Anson, which were divested to Mapletree Greater China Commercial Trust and Mapletree Commercial Trust, respectively.
Meanwhile, its total owned and managed real estate assets climbed to $24.6 billion.
Mapletree’s Group Chief Executive Officer Hiew Yoon Khong said going forward, the company will selectively focus on specific asset classes and micro-markets to invest in and acquire good quality, high returns assets.
He added, “We will also begin expanding beyond Asia into regions such as Europe and the US, and into new real estate sectors, to further diversify earnings.”
Recently, Mapletree Group and US-based Oakwood Worldwide inked a deal to open more than 100 new properties around the world over the next five years.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
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