SINGAPORE property developer CapitaLand said on Friday net profit in the third quarter tumbled 25.6 per cent over the previous year as revenues fell.

In the three months to September, net profit totalled 419.4 million Singapore dollars compared with 563.9 million dollars a year ago, the property developer said in a statement after the stock market closed.

Third quarter revenues totalled 597.2 million dollars, down 33 per cent from 895.8 million dollars during the same period in 2007, it said.

On a nine-month basis, revenues and profits were also down from the same time last year.

In the nine months to September, the property developer earned net profits of 1.18 billion dollars on revenues of 2.05 billion dollars, compared with 2.08 billion dollars and 2.47 billion dollars respectively.

Despite the drop in profits, CapitaLand said the company remained in a good position to weather the fallout from the financial crisis because of its strong balance sheet and was on the lookout for investment opportunities.

'This strong balance sheet will be particularly useful in the current global financial crisis which has brought down not only Wall Street's blue chip financial institutions but also created in its wake a global recessionary environment,' said company president and chief executive Liew Mun Leong.

'With the situation deteriorating rapidly, we are strategically watching the distressed markets, very carefully seeking out opportunities to make the right acquisitions at the right price.'

Shares of CapitaLand closed steady at 2.85 dollars on Friday on the local stock market. -- AFP