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CapitaLand's Q4 PATMI up dramatically by 187 pct in Q4

Xinhua, February 17, 2015 Adjust font size:

CapitaLand Ltd., Southeast Asia 's largest property developer, said on Tuesday that its Profit After Tax and Minority Interests (PATMI) rose dramatically by 187 percent for the fourth quarter of 2014 from a year earlier.

The group posted a PATMI of 409.4 million Singapore dollars ( 303.3 million U.S. dollars) for the fourth quarter, while its PATMI for the whole financial year of 2014 increased 38.2 percent year on year to 1.16 billion Singapore dollars (859.3 million U.S. dollars).

The good performance is mainly due to improved operating PATMI, higher revaluation gains from investment properties and lower portfolio losses, partially offset by higher impairments, said CapitaLand.

The group's operating PATMI for FY 2014 rose 40.4 percent to 705.3 million Singapore dollars (522.4 million U.S. dollars) year on year, driven by improved operating performance from its shopping mall business and development projects in Vietnam and profit from the sale of Westgate Tower as well as lower funding costs.

Group revenue also increased 11.8 percent to 3.92 billion Singapore dollars (2.90 billion U.S. dollars) for FY 2014, with two core markets of Singapore and China accounting for 76.7 percent of the revenue, it said.

During the same period, the group's Earnings Before Interest and Taxes (EBIT) increased 7.9 percent to 2.44 billion Singapore dollars (1.81 billion U.S. dollars), with Singapore and China operations remaining as the key contributors, accounting for 83.5 percent of total EBIT.

However, despite the strong performance in EBIT from Singapore, EBIT from China actually decreased due to lower portfolio and fair value gains, partially mitigated by higher share of development profits from projects held through associates and lower provision for foreseeable losses, it explained.

Ng Kee Choe, chairman of CapitaLand Group, said: "The group has achieved a credible set of results and is well-positioned for its next stage of growth. On account of its strong operating performance, the board is pleased to propose an increased dividend of 9 cents per share." Endi