CapitaMalls Asia's Q2 earnings up 5.9% at $245.6 million

JCube shopping mall at Jurong East, developed by CapitaLand. Mall owner and operator CapitaMalls Asia posted a 5.9 per cent rise in second-quarter net profit to $245.6 million on Tuesday, July 23, 2013, from the preceding year. -- FILE PHOTO: CAPITAL
JCube shopping mall at Jurong East, developed by CapitaLand. Mall owner and operator CapitaMalls Asia posted a 5.9 per cent rise in second-quarter net profit to $245.6 million on Tuesday, July 23, 2013, from the preceding year. -- FILE PHOTO: CAPITALAND

Mall owner and operator CapitaMalls Asia posted a 5.9 per cent rise in second-quarter net profit to $245.6 million on Tuesday, from the preceding year.

Revenue under management for the three months to June 30 jumped 22.4 per cent to $519 million.

This was due to the re-opening of the JCube, Bugis+ and The Atrium@Orchard shopping malls, the firm said.

It opened seven malls in China in the second half of last year. This was another factor for the rise in revenue in the second quarter of this year compared to the same period last year.

Net profit for the first half rose 6.7 per cent to $318.8 million and revenue under management grew 22.3 per cent to $1.02 billion.

Earnings per share for the quarter stood at 6.3 cents, up from six cents the corresponding period a year ago.

Net asset value was $1.78 as at June 30, up from $1.67 as at Dec 31.

Its share price rose two cents to $1.94 on Tuesday.