CapitaMalls Asia saw its profit after tax and minority interests (PATMI) rise four percent in Q3 2013 to S$64.8 million from S$62.4 million over the same period last year. Operating PATMI for the quarter stood at S$65.1 million, up 4.4 percent from last year’s S$62.4 million.
Notably, PATMI grew 6.2 percent during the first nine months of the year to S$383.6 million from S$361.2 million over the same period in 2012. Overall PATMI comprised S$185.3 million in operating PATMI, S$20.3 million in portfolio gains and S$178.0 million in revaluation gains.
The S$185.3 million operating PATMI achieved during the first nine months of this year was 35.8 percent higher compared to the S$136.5 million for the first nine months of 2012. The increase was due mainly to “the commencement of profit recognition for units sold in Bedok Residences; the opening of The Star Vista in September 2012; as well as higher contributions from three malls in Singapore which resumed full operations in 2012 after major asset enhancements, and the acquisitions of stakes in four Japan malls in 2012”, the mall operator said in a statement.
Lim Beng Chee, CEO of CapitaMalls Asia, stated: “Notwithstanding the uncertainty in the global economy, CapitaMalls Asia continued to record an increase in PATMI in the third quarter. Operating PATMI in the first nine months of this year increased 35.8 percent year-on-year, as our underlying business continued to grow.”
He noted that its “key markets of Singapore, China and Malaysia continued to record growth in the third quarter”, while net property income of its malls in China grew 12 percent during the first nine months of 2013.
Moving forward, the company will “continue to be on the lookout for good acquisition opportunities in our key markets”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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