CapitaLand Q3 net profit jumps 48% to S$192.72 million

The Lotus Mansion, Shanghai.
The Lotus Mansion, Shanghai.PHOTO: CAPITALAND

SINGAPORE - CapitaLand announced on Wednesday (Nov 4) a 48.3 per cent jump in net profit to S$192.72 million for the third quarter ended Sept 30 compared with S$129.98 million for the same period last year on better performance across all its business units.

Operating profit for the quarter rose 25.9 per cent year-on-year to S$163.0 million. There were also higher portfolio gains of S$20.0 million and revaluation gains of S$9.0 million.

Group revenue increased 17.1 per cent for the quarter on the back of higher contributions from development projects in China, partially offset by lower revenue recognition from development projects in Singapore and Vietnam.

The group also recorded higher revenues from its shopping mall and serviced residence businesses.

"The group remains focused on Singapore and China as core markets, while it continues to expand in growth markets such as Vietnam, Indonesia and Malaysia," CapitaLand said in a statement.

Earnings per share was 4.5 Singapore cents, up from 3.1 Singapore cents in the year-ago quarter.

No dividend was declared.