CapitaLand net profit down 82.6% to S$80.22m

By CARINE LEE


CapitaLand Limited on Friday reported a 82.6 per cent year-on-year drop in net profit to $80.22 million from $460.92 million for the third quarter ended Sept 30, 2011.

Earnings per share for the quarter was 1.9 cents, down from 10.7 a year ago. For the nine months ended, earnings per share was 13.6, down from 19.5 cents for the nine months ended Sept 30, 2010.

Revenue was down 58 per cent to $608.57 million from $1.45 billion.

The decrease in 3Q 2011's group revenue was primarily due to the exceptionally strong revenue in 3Q 2010 as the revenue of units sold under the deferred payment scheme from two projects, which accounted for $818.6 million, were recognised in the same quarter.

For the nine months ended Sept 30, 2011, net profit was down 30 per cent to $580.72 million from $829.64 billion, on the back of a 21 per cent dip in revenues to $1.96 billion from $2.48 billion a year ago.