SINGAPORE - Property heavyweight CapitaLand reported on Wednesday (Nov 9) a 28.4 per cent rise to S$247.5 million in third quarter earnings from S$192.7 million in the year-ago period, driven by better operating performance.
Operating profit for the three months to Sept 30 jumped 54.5 per cent to S$251.8 million due to higher contributions from the group's residential businesses in Singapore and China, commercial portfolio in Singapore, shopping malls in China and Malaysia, as well as newly acquired serviced residences.
Group revenue increased 27.7 per cent to S$1.37 billion on the back of higher contributions from residential projects in Singapore and China, as well as higher rental income from its commercial portfolio in Singapore and serviced residence business.
The residential projects which contributed to higher revenue in the quarter include The Nassim and Cairnhill Nine in Singapore, Riverfront in Hangzhou, New Horizon in Shanghai and Vermont Hills in Beijing.
Year to date, earnings were 7.1 per cent lower at S$759.8 million, mainly due to lower fair value gains from revaluation of properties and portfolio gains, said the developer.
Said Mr Lim Ming Yan, CapitaLand president & group CEO: "CapitaLand's operating performance has remained robust thanks to our optimal asset mix that provides us with stability and a strong recurring income stream despite a volatile market.
"We will continue to grow our assets under management through capital recycling, portfolio optimisation, fund management and management contracts."