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CapitaLand posts 14.5% rise in Q2 earnings, adjusts senior management team

Published on Aug 5, 2014 9:48 AM
 
Lower finance costs, higher development profits from China and more contributions from its shopping malls business boosted second-quarter earnings at property giant CapitaLand. -- PHOTO: BLOOMBERG

SINGAPORE - Lower finance costs, higher development profits from China and more contributions from its shopping malls business boosted second-quarter earnings at property giant CapitaLand.

Net profit grew 14.5 per cent to $438.7 million in the three months to June 30 from the previous year, it said in a Singapore Exchange filing on Tuesday.

This was even though revenue slid 13.2 per cent from the preceding year to $875.3 million in the period.

Mr Lim Ming Yan, president and group chief executive of CapitaLand, said in a statement on Tuesday that the firm's "well-balanced portfolio of investment properties and residential projects" helped it post improved results despite the slowdown in the residential markets in Singapore and China.

 
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