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Daily Archives: 28 Oct 2009

CapitaLand Q3 profit drops 32.9% to $281.3m

Posted on 28 Oct 2009 | Comments Off

Comparative quarter last year benefited from substantial divestment gains

PROPERTY giant CapitaLand has posted a 32.9 per cent year-on-year drop in net earnings to $281.3 million for the third quarter ended Sept 30, 2009.

Vietnam project: CapitaLand is targeting an official launch for its Mulberry Lane project in Hanoi in early 2010

Earnings before interest and tax (Ebit) slipped 34.9 per cent to $450.6 million. The fall in profit was due to the Q3 2008 bottom line being boosted by Ebit gains of $441.6 million from the divestments of One George Street in Singapore, Capital Tower Beijing and the Raffles City properties in China.

CapitaLand said its Q3 2009 earnings were largely driven by strong profit recognition from its residential projects as well as a $52.8 million gain from selling its remaining stake in Hong Kong’s Link Reit.

The group achieved revenue of nearly $1.05 billion in Q3 2009, up 75.2 per cent from the same year-ago period.

The jump was due to higher revenue recognition for the group’s development projects in Singapore (thanks to projects such as The Seafront on Meyer and Latitude), China and Vietnam, partly offset by an absence of acquisition fee income and rental revenue from commercial properties divested last year. Continue reading →

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KL Metro eyes China, Vietnam for resort business

Posted on 28 Oct 2009 | Comments Off

Kuala Lumpur Metro Group (KL Metro) is eyeing China and Vietnam to expand its resort development business, said managing director Low Tak Fatt.

‘We are still in negotiations with the local parties there. Once the project is firmed up, we will make an announcement,’ he told a media conference here yesterday.

It is understood that if the negotiations were successful, it would be KL Metro’s first venture outside Malaysia. At the press conference, Mr Low announced the completion of the company’s second water homes project, the Legend International Water Homes in Port Dickson, Negeri Sembilan.

The first was the Legend Water Chalets. The resort will be managed by Legend Group of Hotels and Resorts.

Mr Low said a soft opening for the Legend International Water Homes was scheduled this Sunday and an official opening at mid-2010. ‘Most of the buyers are from Hong Kong, UK, Singapore, United Arab Emirates and Macau. They are mostly private investors who buy the units and lease them back to us for a certain period,’ he said. Continue reading →