SINGAPORE - Developer CapitaLand said on Tuesday (Feb 13) that its fourth-quarter net profit fell 37.8 per cent to S$267.7 million from a lower handover of units for development projects in China and lower portfolio and fair value gains.

This was partially mitigated by a net writeback of provision for foreseeable losses.

For the three months ended Dec 31, 2017, earnings per share (EPS) stood at 6.30 Singapore cents, down from 10.20 Singapore cents a year ago.

Net profit for the full year ended Dec 31, 2017, however, rose 30.3 per cent to S$1.6 billion on the back of improved operating performance, higher fair value gains from revaluation of investment properties and portfolio gains.

The increase was partially offset by the absence of a fair value gain from the change in use of Raffles City Changning Tower 2, CapitaLand said.

In FY 2017, EPS was 36.50 Singapore cents, up from 28 Singapore cents in FY 2016.

Revenue in Q4 2017 fell 35 per cent to S$1.2 billion mainly due to lower completion and handover from development projects in China, partially mitigated by higher contributions from development projects in Singapore, shopping mall and serviced residence businesses, as well as contributions from CapitaLand Mall Trust, CapitaLand Retail China Trust and RCS Trust.

Revenue for FY 2017 decreased 12 per cent to S$4.6 billion.

The board is proposing a final ordinary dividend of 12 Singapore cents a share for FY 2017.

CapitaLand closed unchanged at S$3.47 on Monday.