CapitaLand Limited recorded a net profit of $438.7 million in Q2 2014, marking a 14.5 percent increase year-on-year.
This was due to improved operating PATMI, higher revaluation gains from investment properties and write-back of impairments.
The group’s operating PATMI for the second quarter of 2014 rose 30.7 percent to $136.5 million from the same period last year, driven by lower finance costs, higher development profits from China and higher contribution from the shopping mall business.
CapitaLand’s revenue was $875.3 million for Q2 2014, compared to $1,008.9 million in Q3 2013.
Earnings before Interest and Tax (EBIT) in Q2 2014 stood at $799.7 million, with Singapore and China operations continuing to be the key contributors at 48.5 and 30.1 percent respectively.
Lim Ming Yan, President & Group CEO of CapitaLand Limited, said, “CapitaLand has a well-balanced portfolio of investment properties and residential projects. This has provided us with an improved set of results despite the slowdown in the residential markets in Singapore and China.”
The group will continue to grow its pipeline of integrated, residential and commercial developments in Singapore and China by investing in well-located sites.
“With a simplified organisational structure, CapitaLand is strategically positioned to leverage its strength in development, as well as management of integrated developments, shopping malls and serviced residences to capture the growth in Asia,” Lim added.
Muneerah Bee, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
Related Stories:
CapitaMalls Asia’s CFO moves to CapitaLand
OUE’s revenue drops 10.6%
Roxy-Pacific Holdings’ properties boost revenue growth
