CapitaLand 1H2011 net profit up 35% to S$500.5 million

Singapore, 4 August 2011 – CapitaLand has achieved net profit of S$399.0 million in 2Q2011, 17% higher than the 2Q2010 net profit of S$339.7 million1. This brings net profit for the first six months of 2011 to S$500.5 million, up 35% year-on-year.

Excluding revaluations and impairments, the Group’s PATMI in 1H2011 was S$271.4 million, 69% higher than 1H2010. In 1H2011, Group PATMI was driven mainly by higher development profits in Singapore and China, and the gain from the sale of a residential site in Shanghai, China.

Revenue in 2Q2011 was S$740.4 million, up 25% compared to 2Q2010. For 1H2011, revenue grew 31% to S$1,352.0 million, mainly from development projects such as The Interlace, The Wharf Residence and Urban Resort Condominium in Singapore, as well as Riviera, Beau Residences and Riverside Ville in China. Fee-based income also increased with higher fund management and property management fees. Rental revenue from shopping malls and serviced residences was lower due to the absence of contribution from the shopping malls and serviced residences that were divested to CapitaLand-sponsored real estate investment trusts in 2010.

In 2Q2011, CapitaLand recorded Earnings before Interest and Tax (EBIT) of S$719.6 million, comparable to the S$723.0 million achieved in 2Q2010. In 1H2011, EBIT rose 9% year-on-year to S$1,003.1 million, with overseas operations accounting for 61% or S$608.5 million.