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CapitaLand's Q2 net profit down 36.6 percent

Xinhua, August 4, 2016 Adjust font size:

CapitaLand Ltd., one of Southeast Asia's largest property developer, said Thursday that its Profit After Tax and Minority Interests (PATMI) of the Group fell 36.6 percent to 294 million Singapore dollars (219 million U.S. dollars) year-on-year in the second quarter of 2016.

Operating PATMI dropped 33 percent year-on-year to 171.6 million Singapore dollars (128 million U.S. dollars). Excluding one-off fair value gain arising from the change of use of development projects, Operating PATMI improved by 31.8 percent, on the back of higher contributions from shopping malls and development projects in China, higher contribution from CapitaGreen in Singapore, as well as its serviced residence business.

Group revenue increased 9.7 percent to 1,131.7 million Singapore dollars (848.5 million U.S. dollars). This was attributable to higher contributions from development projects in Singapore and China as well as higher rental income from its serviced residence business and higher contribution from CapitaGreen.

The residential sales which contributed to the higher revenue this quarter include Cairnhill Nine in Singapore as well as The Paragon, Shanghai and Vermont Hills, Beijing in China.

The Group's EBIT (Earnings Before Interest & Tax) in the second quarter was 591.1 million Singapore dollars (441 million U.S. dollars). Singapore and China remain the key contributors, accounting for 78.1 percent of EBIT, the Group said.

For the first half-year, CapitaLand's net profit fell 18.1 percent to 512.3 million Singapore dollars (382.3 million U.S. dollars).

"CapitaLand's operating performance has remained robust in an environment of slow economic growth and market uncertainties. Our recurring income provides stability and resilience. We will maintain our focus on our core markets of Singapore and China and the growth markets of Vietnam and Indonesia, as well as our serviced residence global platform," said Lim Ming Yan, president and group CEO. Endit