CapitaLand posts 1.7% fall in Q1 net profit to $183 million

Property giant CapitaLand has posted a 1.7 per cent fall in first-quarter earnings to $182.8 million.

Revenue for the three months to March 31 fell 3.4 per cent to $612.6 million year-on-year.

Net profit fell as the quarter from a year ago included a one-time portfolio gain of $58.7 million.

CapitaLand Singapore sold 34 residential units, amounting to a total sales value of $87 million in the first quarter, while 1,177 residential units at a sales value of $269 million were sold in China.

The Chinese units are mainly from La Botanica in Xi'an, The Loft in Chengdu, The Metropolis in Kunshan and The Paragon in Shanghai.

Mr Lim Ming Yan, CapitaLand president and group chief executive, said: "We look forward to further harnessing the key strengths of our various businesses in residential, shopping malls, offices, serviced residences and integrated developments, to create differentiated real estate projects and enhance overall project returns, with Singapore and China remaining as the Group's core markets."

Earnings per share were 4.3 cents for the quarter, down from 4.4 cents in the preceding year.

Net asset value per share was $3.86 as at March 31, an increase from $3.79 as at Dec 31.