Property giant CapitaLand said it will focus on developments that combine residential and commercial elements from now on, as the firm reported a slide in earnings for the third quarter.
"With a streamlined organisational structure and robust balance sheet, CapitaLand is well-positioned to capitalise on new growth opportunities. Going forward, the Group will be focusing on integrated and mixed developments," chief executive Lim Ming Yan said in a statement on Thursday.
Net profit declined 8.7 per cent to $135.5 million in the third quarter year-on-year.
This came even though revenue for the three months to Sept 30 leapt 52.5 per cent to $1.05 billion from the preceding year.
The company said earnings fell due to lower gains from the sale of investments. It sold its stakes in three investment properties in the United Kingdom in the third quarter for a profit of $15.8 million, lower than the $58.7 million profit it made from divestments in the corresponding period a year ago.
It also said that its development projects in Singapore, China, Vietnam and Australia and its shopping malls brought in higher revenue, but the cost of sales increased at a higher rate because the project costs of units sold in July through September were relatively higher.
CapitaLand sold 468 homes in Singapore in the third quarter, amounting to $560 million in total, up from 70 units worth a total of $166 million sold in the corresponding period last year.
Most of the sales in July through September this year came from its Sky Vue project in Bishan, where it sold 433 units at a median price of $1,401 psf.
Earnings per share were 3.2 cents for the quarter. down from 3.5 cents the preceding year. Net asset value per share was $3.74 as at Sept 30, an increase from $3.55 as at Dec 31.
The company said in a statement that it believed demand for new homes and offices "will remain positive".
Its share price closed five cents lower at $3.11 on Wednesday.