CapitaMalls Asia net profit up 2.8% to $75.3 million in first quarter

CapitaMalls Asia's revenue grew 4.8 per cent year-on-year for the first three months of the year to $125 million. This was due to higher property income from Olinas Mall in Japan (pictured) and operating malls in China. -- FILE PHOTO: CAPITAMALLS ASI
CapitaMalls Asia's revenue grew 4.8 per cent year-on-year for the first three months of the year to $125 million. This was due to higher property income from Olinas Mall in Japan (pictured) and operating malls in China. -- FILE PHOTO: CAPITAMALLS ASIA 

CapitaMalls Asia has posted a net profit of $75.3 million for the first quarter, a rise of 2.8 per cent from the same period a year ago.

Revenue grew 4.8 per cent year-on-year for the first three months of the year to $125 million.

This was due to higher property income from Olinas Mall in Japan and operating malls in China, CMA said on Thursday.

Higher property management fees from Singapore, mainly thanks to Bedok Mall and Westgate, which both began operations in December, also helped to boost revenue.

Earnings per share for the quarter stood at 1.9 cents, unchanged from a year ago.

Net asset value per share was $1.87, just slightly higher than $1.84 at the end of December.

Earnings before interest and tax and profit after tax and minority interests both rose in the first quarter.

Excluding portfolio gain or loss, these increases were largely due to several factors, CMA said.

These included better performances from China funds contributed by new malls that opened last year, new contributions from Bedok Mall and Westgate and profit recognition for units sold in Bedok Residences and an improved property management fee business in Singapore.

These were partially offset by lower contribution from CMA's management fee business in China.

Shares of CMA ended flat at $2.19 on Thursday.