Category Archives: Funds

Mapletree Investment’s full-year net profit up 49% to S$932m

Posted on 15 May 2013 | Comments Off on Mapletree Investment’s full-year net profit up 49% to S$932m

Mapletree Investment’s full-year net profit jumped 49% to S$932 million, boosted by an increase in recurring core net profit, investment and other gains as well as revaluation gains of its investment properties.

The real estate developer said its revenue rose 19.5% to S$686.3 million on higher fee income and improved rental revenue.

In the financial year ending 31 March, Mapletree’s real estate assets owned and managed or AUM grew almost 10% to S$21.8 billion while funds under management increased 40% to S$10.5 billion.

The property firm said its strong financial performance is a result of its business model that combines its real estate development expertise with investment and capital management capabilities.

Earlier this year, Mapletree listed its fourth REIT, Mapletree Greater China Commercial Trust (MGCCT) on the Singapore Exchange and raised over S$1.68 billion.

With its listing of MGCCT and divestment of Mapletree Anson, the group reduced its net gearing level to almost zero.

Shareholders’ funds increased 12.2 per cent to S$7.5 billion, while the group’s return on equity was 12.8 per cent, up from 9.7 per cent the year before.

Source : CNA – 14 May 2013

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City Developments quarterly profit falls 12% to $137.6m

Posted on 14 May 2013 | Comments Off on City Developments quarterly profit falls 12% to $137.6m

City Developments, Singapore’s second-largest developer, said first-quarter profit fell 12% after a one-time gain wasn’t repeated.

Net income slid to $137.6 million in the three months ended March 31, from $156.8 million a year earlier, it said in Singapore exchange statement today. Sales fell 9.8% to $763.5 million.

“The main reason for the drop in revenue was due to the Tagore Avenue warehouse that was disposed-off in the first quarter of 2012,” the company said in the statement.

Singapore’s private residential property price index rose 0.6% in the three months ended March 31, the slowest pace in three quarters after government curbs. The latest measures in January, the seventh round of curbs in about four years, included an increase in the stamp duties for homebuyers by 5 percentaage points to 7 percentage points.

The company’s shares rose 0.9% to $11.60 today. The results were announced after the close of trade. The stock has declined 9.5% this year, the worst performer among 41 developers and REITs on the Singapore property index.

City Developments started marketing two new projects in the quarter, the 912-unit D’Nest condominium and Bartley Ridge, a 868-unit joint-venture development, the company said today. It had rented out 94% of the space in its office buildings as of March 31, compared with the national average occupancy of 90.8%, it said.

The developer, the biggest shareholder of Millennium & Copthorne Hotels Plc, said last month its South Korea unit bought a 1,564-square-meter (16,834-square-foot) site adjacent to its Millennium Seoul Hilton Hotel for a new hospitality property.

City Developments opened its 240-room W Singapore Sentosa Cove hotel on Oct. 20.

Source : Edge – 13 May 2013

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