Singapore's CapitaLand Q2 net profit falls 3.3 pct,

SINGAPORE, Aug 1 (Reuters) - CapitaLand Ltd, Southeast Asia's largest property developer, said on Wednesday its second-quarter net profit fell 3.3 pe rcent, hurt partly by smaller portfolio gains.

CapitaLand, about 40 percent owned by Singapore state investors Temasek, earned S$385.9 million ($310.15 million) for the three months ended June, do wn fr om S$ 39 9 mil lion a year ago.

Excluding revaluations and impairments, CapitaLand's net profit for April-June  increased 4.8 percent to S $1 79.5 m illion, it said.

CapitaLand's revenue rose 16.5 percent to S$862.5 million from a year ago, helped by higher sales of developments in Singapore, China and Australia, as well as higher revenue from its shopping mall business, it said.

An accounting rule that took effect last year means CapitaLand's earnings from overseas development projects can only be recognised upon full completion, resulting in earnings that are more volatile and lumpy