Category Archives: Developers

STRONG gains from sales in Singapore, China and Vietnam helped to make the third quarter more cheerful for CapitaLand, but its results were still down substantially from a year ago.

The property giant said in a results statement that ‘while business conditions are improving’, it remains vigilant.

‘Operating results will be underpinned by the recognition of profits from residential sales in Singapore and China, and ongoing income contributions from Raffles City Beijing and Ion Orchard,’ it added.

The firm reported net profit of $281.3 million for the three months to Sept 30 – better than the numbers from earlier in the year but down 33 per cent on the $419.4 million earnings last year, when it benefited from large divestment gains.

Revenue rose 75 per cent to $1.05 billion on sales of development projects in Singapore, China and Vietnam. Continue reading →

Property giant CapitaLand said on Tuesday it posted its smallest decline in net profit in a year.

It said its third quarter net profit after tax and minority interests for the period ended September stood at S$281.3 million, down 33 per cent compared to the S$419.4 million earned over the same period last year.

CapitaLand said the decrease was mainly attributed to lower divestment gains this year.

In the third quarter last year, the firm’s profit was boosted by S$441 million due to divestments in properties such as One George Street.

However, compared to the previous quarter, net profit rose by 127 per cent, excluding impairments and revaluations in the April to June period.

Revenue in the third quarter also increased 75 per cent on-year to S$1.04 billion on the back of higher revenue recognition for projects in Singapore, China and Vietnam. Continue reading →