CapitaMalls Asia's 3Q net profit rises 4% on contributions from refurbished malls

Mall owner and operator CapitaMalls Asia (CMA) has posted a 4 per cent increase in net profit to $64.8 million for the third quarter ended Sept 30.

CMA said this was owing to higher contributions from shopping malls Bugis+, JCube and Plaza Singapura, which resumed operations after undergoing refurbishments.

The firm also benefited from profit recognitions for units sold at Bedok Residences as well as the opening of The Star Vista mall in Buona Vista.

However, CMA's revenue for the three months to Sept 30 was down 10.1 per cent to $91.8 million from a same period a year ago.

This was mainly due to lower property management fees from China as fewer malls were opened there this year compared with last year, the company said.

Earnings per share came in at 1.7 cents, up from 1.6 cents the corresponding period a year earlier.

Net asset value was $1.79 per share as at Sept 30, up from $1.67 as at Dec 31.