Higher contributions from projects in China and improved rental returns from malls and serviced residences boosted third-quarter earnings at CapitaLand.
Net profit rose 48.3 per cent to $192.7 million on the back of a 17.1 per cent rise in revenue to $1.076 billion for the three months to Sept 30.
Higher revenue from China was partly offset by lower sales recognition from development projects in Singapore and Vietnam.
Earnings rose 8.8 per cent to $818 million for the nine months while revenue grew 25.6 per cent to $3.0223 billion.
Turnover at CapitaLand Singapore (CL Singapore) for the third quarter fell 27.2 per cent to $261.3 million as contributions from Sky Habitat and Bedok Residences tapered off after the projects obtained Temporary Occupation Permits in the second quarter.
AT A GLANCE
Revenue: $1.076 billion (+17.1%)
Net profit: $192.7 million (+48.3%)
Earnings per share: 4.5 cents (+45.2%)
Dividend: NIL (unchanged)
"CapitaLand will phase (in) the launches of its (Singapore) residential projects according to the market condition. The sites at Cairnhill Road and Victoria Park Villas will be launch-ready in early 2016," the company said.
The outlook for office occupancy remains stable here over the next six months, it added.
CapitaLand China (CL China) recorded a 157.3 per cent jump in revenue to $437.3 million. This was mainly as more residential units were handed over to buyers, and the consolidation of CL Township's revenue as it became a group subsidiary from March.
"Residential sales in China continue to perform strongly," the company said. It expects to hand over 2,000 completed units there and has another 2,000 launch-ready units in this quarter.
Turnover at CapitaMalls Asia (CMA) fell 10.7 per cent to $155.1 million, due to lower progressive revenue recognition from Bedok Residences.
The company said its Singapore malls should continue to provide a steady stream of income. It will also open three new malls in China by the end of next year.
Revenue at its Ascott unit rose 9.6 per cent to $196.3 million, mainly due to contribution from properties acquired this year and last year.
Earnings per share was 4.5 cents, up from 3.1 cents a year back, while net asset value rose from $3.94 at Dec 31 to $4.14 at Sept 30.
The results were announced before markets opened.
CapitaLand shares closed up nine cents at $3.21 yesterday.