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Monday, 30 April 2012

CapitaLand's Q1 2012 net profit up 31%

SINGAPORE: Southeast Asia's largest property developer, Capitaland reported a 31 per cent rise in first quarter net earnings.

Net profit for the three months ended March 31 was S$133.2 million compared to S$101.5 million a year ago.

The bottomline was boosted by higher revenue from the Group's development projects in Singapore and Australia.

Group revenue rose 4.8 per cent to S$641.1 million in the first quarter from a year ago.

Higher rental revenue from shopping mall business as well as higher fee-based revenue contributed to the better result.

Revenue from CapitaMalls Asia rose 39 per cent to S$69.6 million from S$50.2 million a year ago.

However, revenue from the Group's development projects in China was lower,

Revenue from its Capitaland China holdings dropped 72.6 per cent to S$35.6 million from S$129.8 million a year ago.

Still, incomes from portfolio gains added another S$51 million into the Group's revenue.

This is mainly from the S$28.8 million sale of Hilton Double Tree Hotel in Kunshan, China.

Mr Liew Mun Leong, President and CEO of CapitaLand Group, said: "Our overseas operations continued with its growth momentum and contributed significantly to EBIT, accounting for S$202.6 million or 61.1 per cent of the Group's total EBIT. In fact, the Group's three core markets of Singapore, China and Australia accounted for 79.0 per cent of total EBIT."

Despite China and Singapore curbing housing prices with cooling measures, Capitaland expects the longer term demand to remain healthy.

Chairman Dr Hu Tsu Tau will retire from the Board on Monday and will be appointed as Senior Advisor.

Mr Ng Kee Choe will be the incoming Chairman of CapitaLand.

- CNA/fa

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