SINGAPORE - Property giant CapitaLand reported a first quarter net profit fall of 11.8 per cent to $161.3 million on Thursday.

Revenue soared 49.4 per cent to $915 million for the three months to Mar 31, compared with a year ago.

This was owing to higher contribution from residential projects in Singapore and Vietnam, as well as the consolidation of CapitaLand Township's revenue as it became a unit of CapitaLand in March.

Group chief executive Lim Ming Yan said in a statement: "Despite a challenging market environment, CapitaLand's well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits."

Earnings per share was 3.8 cents in the first quarter, up from 4.3 cents the previous year.

Net asset value per share was $4.05 as at Mar 31, up from $3.94 as at Dec 31 last year.