Property giant CapitaLand has reported a Profit After Tax and Minority Interests (PATMI) of $192.7 million for the third quarter of 2015, 48.3 percent higher compared to a year ago.
The developer attributed the increase to “higher operating PATMI of $163 million, up 25.9 percent from the same period last year on account of better performance across all business units as well as higher portfolio gains of $20 million and revaluation gains of $9 million.”
For the year to date as of September 2015, total PATMI and operating PATMI grew 8.8 percent and 36.2 percent to $818 million and $574.3 million respectively from the corresponding period last year.
Group revenue rose 17.1 percent in Q3 due to higher contributions from development projects in China, partially offset by lower revenue recognition from development projects in Singapore and Vietnam. The group’s shopping mall and serviced residence businesses also posted higher revenues.
In addition, CapitaLand saw healthy residential sales in China for the quarter, selling 2,422 units valued at RMB3.8 billion (S$0.8 billion), more than double the sales value in Q3 2014. More homes were also completed and handed over to buyers – 1,596 units compared to 951 in Q3 last year.
President and Group CEO, Lim Ming Yan, said: “CapitaLand remains focused on Singapore and China as our core markets. It is noteworthy that in China, our residential sales continue to perform strongly. Looking ahead, we expect to complete over 2,000 residential units in Q4 2015.”
Image: Artist’s impression of Lotus Mansion, a residential project by CapitaLand in Shanghai.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
