CapitaMalls Asia fourth-quarter earnings up 17.1%
Higher contributions from newly completed malls last year helped to boost fourth-quarter earnings by 17.1 per cent at CapitaMalls Asia (CMA).
Earnings came in at $216.4 million for the three months to Dec 31, although revenue dipped 8.7 per cent to $103.7 million, partly due to lower leasing commissions and project management fees from China as fewer malls opened in 2013 compared with the previous year.
Full-year net profit rose 9.9 per cent to $600 million while revenue went up 5.3 per cent to $380.4 million, mainly due to full year contributions from The Star Vista and Olinas Mall.
CMA chairman Ng Kee Choe said on Thursday: "Growth in our key markets in Asia is expected to be underpinned by resilient domestic demand, and this bodes well for the performances of our shopping malls."