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
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