SINGAPORE - Property group Mapletree Investments ended its financial year on a strong note.
Net profit for the 12 months to March 31 rose 14.3 per cent to $1 billion, compared with the same period a year ago, said Mapletree on Thursday.
Revenue rose 7.4 per cent to $1.6 billion, thanks to new income streams from acquisitions during the year, and higher contributions from Mapletree's flagship development in Singapore Mapletree Business City.
Mapletree group chief executive officer Hiew Yoon Khong said: "We set performance indicators to track our performance over five-year periods, and this year marks the start of a new five-year cycle. Our plan is to remain focused on delivering consistent and high returns and profits as we continue scaling our business."
Mapletree expanded into the serviced apartment and corporate lodging business through a joint venture with United States-based Oakwood Worldwide last April.
In Europe, it is expecting to complete the acquisition of a high quality office building in the western part of London by end-May.
At least three development projects in Singapore and Hong Kong will be completed next year, said the firm.
Mr Hiew said : "As we continue to grow our business, we are aware that there is softness in some market segments. In China, for instance, the residential and retail markets are seeing challenges although pockets of opportunities still exist, while Vietnam's office market is still in the early stages of recovery.
"Hence, while we are still evaluating projects and expanding, we remain selectively focused on specific asset classes and micro-markets where we continue to see growth. We believe this strategy will allow us to maintain our performance and returns levels."