Earnings grew on higher contributions from its residential business in China and Singapore. (Photo: CapitaLand)
Property developer CapitaLand posted a total net profit of $247.5 million in the third quarter of 2016, up 28.4 percent from $192.7 million in the previous year, on the back of better operating performance.
Group revenue during the period also jumped 27.7 percent to $1.374 billion.
In an SGX filing, the group attributed the increase to higher contributions from CapitaLand’s residential business in China and Singapore, shopping malls in Malaysia and China, its commercial portfolio in Singapore, and newly acquired serviced residences.
The residential projects which contributed to higher revenue in Q3 included The Nassim and Cairnhill Nine in Singapore, New Horizon in Shanghai, Vermont Hills in Beijing and Riverfront in Hangzhou.
Earnings before interest and tax (EBIT) also rose 7.7 percent year-on-year to $494.4 million in Q3, with Singapore and China remaining as key contributors.
Looking ahead, Lim said the group will continue to grow its assets under management through capital recycling, portfolio optimisation, fund management and management contracts.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
