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CapitaLand reports 33% on-year drop in Q3 net profit

Posted on 27 Oct 2009 | Comments Off

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 →

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Posted in Developers

Tagged Capitaland

CMA listing won’t hurt CMT, CRCT performance

Posted on 9 Oct 2009 | Comments Off

WE refer to the Hock Lock Siew commentary, ‘Spinoff by CapitaLand: Will Reit units lose out?’ (BT, Oct 8).

We would like to assure investors that the business model and financial performance of CapitaMall Trust (CMT) and CapitaRetail China Trust (CRCT) will not be affected by the listing of CapitaMalls Asia (CMA).

Being real estate investment trusts (Reits), CMT and CRCT offer stable and sustainable distributions, primarily from the rental income derived from their portfolio of properties.

Further, they will continue to enjoy the right of first refusal for CMA’s completed and stabilised shopping mall pipeline in Singapore and China respectively.

CMA, on the other hand, will primarily focus on the development or redevelopment of shopping malls (including greenfield malls) and the management of retail property funds. Its focus will be more on growth and less on dividend payout – similar to other real estate development companies. Continue reading →