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CapitaLand posts Q1 net profit

Posted on 26 Apr 2011 | Comments Off

Property giant CapitaLand posted a net profit of S$101.5 million for its first quarter performance ended March 31.

This is more than tripled the restated S$29.8 million net profit from the same period one year ago.

The group attributed the higher net profit to increased contributions from its Singapore, China and Australian projects.

Some of its key projects include The Interlace and The Wharf in Singapore, Beau Residences and The Riviera in China, as well as commercial and industrial projects in Australia.

Revenue in the first quarter stood at S$611.5 million, 39 per cent higher than the restated S$440 million in the same period one year before.

The restated net profit was also due to a new accounting policy implemented by CapitaLand earlier this year.

Its unrestated net profit in the first quarter of last year was S$115.4 million.

The new accounting standard will only recognise revenue contributions from overseas and local projects when they are completed.

This, the group said, will result in “income recognition that is lumpy and back-ended”.

It added that the policy may result in “more volatility in profit recognition even though the underlying projects’ cash flows have not changed”.

CapitaLand chief executive officer Liew Mun Leong said its three core markets Singapore, Australia and China accounted for 96 per cent of the group’s earnings before interest and taxes (EBIT).

Mr Liew also said in a statement that CapitaLand will develop Vietnam into a fourth core market, while monitoring the country’s market developments and macroeconomic situation at the same time.

Source : CNA – 26 Apr 2011

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Posted in Developers

Tagged Beau Residences, Capitaland, Funds, Singapore, The Interlace, The Riviera, The Wharf, Vietnam

Keppel Land achieves 45.5% growth in Q1 net profit

Posted on 19 Apr 2011 | Comments Off

Keppel Land said it achieved a 45.5 per cent growth in its first-quarter net profit, thanks to higher contributions from property trading and a chunky divestment gain.

The Republic’s third-largest property developer said it earned S$92.1 million in the January-March period, up from S$63.3 million made in the first quarter of the previous year.

Property trading recorded an 8.2 per cent increase in net profit to S$51.6 million contributed by sales of local residential projects, in particular Reflections at Keppel Bay and The Lakefront Residences, as well as Elita Promenade in Bangalore, India upon its physical completion in March 2011.

In January, Keppel Land and sister firm Keppel Telecommunications & Transportation Ltd announced the formation of a joint venture company to consolidate the data centre assets.

Keppel Land then disposed of its interest in Keppel Digihub to the joint venture company, in which it holds a 30 per cent interest, giving rise to a gain of S$24.4 million.

Profit from property investment was 15.7 per cent higher at S$14.3 million mainly from an increased contribution from K-REIT Asia.

Keppel Land said the latest round of property cooling measures, announced in January 2011, to curb speculation have started to take effect, lowering the pace of growth in home prices.

However, the office property market continues to strengthen, it said.

Keppel said while it will continue to grow its earnings from Singapore, it was more optimistic on its overseas ventures, especially those in China and Vietnam.

The developer’s overseas revenue for the first quarter constituted 61.7 per cent of its total revenue, compared to 62.2 per cent in the same period of 2010.

“Despite cautious market sentiments, as a result of the recent cooling measures and a seasonally quiet first quarter for property sales, township homes in China remain in demand,” it said.

Keppel Land said that to tap on Vietnam’s rising demand for quality homes, a new waterfront township development in South Rach Chiec, Ho Chi Minh City, is primed for launch later in 2011.

Source : CNA – 19 Apr 2011