Property developer CapitaLand saw its group revenue increase 52.5 percent year-on-year to S$1.05 billion during the quarter ended 30 September 2013, on the back of higher revenue contribution from CapitaLand Singapore, CapitaLand China and CapitaMalls Asia, as well as higher sales from development projects in Vietnam and Australia.
The group’s profit after tax and minority interests (PATMI) fell 8.7 percent to S$135.5 million in Q3, while operating PATMI climbed 13.4 percent to S$101.8 million. For year-to-date September, operating PATMI and PATMI rose 32.8 percent and 5.9 percent to S$343.1 million and S$706.9 million respectively.
Revenue for CapitaLand Singapore was up 4.1 percent in Q3, while rising 23.9 percent in YTD September. Growth was attributed to stronger contribution from Sky Habitat, Bedok Residences and Urban Resort Condominium, as well as higher fund and property management income fee.
Revenue of CapitaLand China soared 307.4 percent in Q3 and 108.4 percent in YTD September. As for CapitaMalls Asia, revenue jumped by 21.3 percent and 53.7 percent in Q3 and YTD September respectively.
Meanwhile, the group’s earnings before interest and tax (EBIT) stood at S$325.3 million in Q3, with China and Singapore operations accounting for 73.2 percent of total EBIT.
Lim Ming Yan, President and Group CEO of CapitaLand, said: “The Group has achieved healthy results for the first nine months of 2013. We will continue to focus on our core markets of Singapore and China, comprising six clusters, to grow the business.”
He added: “With a streamlined organisational structure and robust balance sheet, CapitaLand is well-positioned to capitalise on new growth opportunities. Going forward, the Group will be focusing on integrated and mixed developments.”
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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