Property developer CapitaLand yesterday posted a 13.6 per cent rise in net profit for the third quarter, on the back of higher operating profit and gains from asset recycling.
Net profit rose to $362.2 million from $318.8 million a year ago, as operating profit improved 13.3 per cent to $233.7 million from $206.3 million on contributions from newly acquired and opened investment properties in Singapore, China and Germany.
The results a year ago were restated to take into account retrospective adjustments related to new accounting standards.
Revenue declined 16.9 per cent to $1.26 billion from $1.52 billion in the third quarter last year, due to lower contributions from development projects in Singapore and China.
This was partly offset by higher rental revenue from the newly acquired and opened properties, as well as the consolidation of revenue from CapitaLand Mall Trust, CapitaLand Retail China Trust and Raffles City Singapore Trust from August last year.
Earnings per share were 8.7 cents for the third quarter this year, compared with restated earnings per share of 7.5 cents for the same period last year.
For the year-to-date period, net profit shrank 0.4 per cent to $1.29 billion, while revenue rose 16.8 per cent to about $4 billion, excluding gains from the sale of 45 units of The Nassim.
No dividend has been declared for the period under review.
Third-quarter net profit for Singapore Technologies Engineering went up by 5 per cent as improved bottom line contributions from aerospace, electronics and land systems more than offset declines in two other divisions.
It posted a net profit of $134.59 million for the three months ended Sept 30, compared with $127.82 million for the corresponding quarter the year before.
Earnings per share were 4.32 cents, up from 4.11 cents for the year-ago period.
Revenue rose 1 per cent to $1.63 billion.
Aerospace contributed $55.4 million in net profit, 13 per cent higher largely on a gain from the partial divestment of an associate and higher gross profit.
Electronics expanded its net profit by 30 per cent to $55.5 million, supported by higher revenue and lower operating expenses.
Net profit for land systems also rose by 45 per cent to $17.6 million.
Conversely, the group posted a 35 per cent decline in net profit from its marine division.
The group's order book stood at $13.3 billion as of Sept 30, with about $1.6 billion expected to be delivered by the year end.