2005 was an eventful year for the Group. The Group successfully executed the divestment of PREMAS and Raffles Holdings Limited’s hotel business, while at the same time expanded its business overseas, particularly in China, Japan and Thailand.
For full year 2005, the Group achieved a record PATMI of S$750.5 million which is more than double that for full year 2004. This record achievement was due to strong underlying performance of our remaining core businesses coupled with the gain from the sale of the hotel business. Excluding the gains related to the divestment of PREMAS and the hotel business, and the profit and loss impact of end of year revaluations of investment properties, the profit was S$387.6 million or 16.4% higher than the S$333.1 million achieved a year ago.
Group revenue for full year 2005 was S$3,845.6 million, an increase of S$666.5 million or 21.0% over 2004. The higher revenue was mainly attributable to sales from Australand as a result of the completion of Australand’s Freshwater Commercial Tower in Melbourne and the recognition of revenue from residential developments on completion, the full year consolidation of Citadines’ revenue, as well as higher contributions from the Group’s financial services and serviced residences businesses. This increase was achieved despite the loss of revenue from divested assets such as the transfer of seven commercial properties into CapitaCommercial Trust (“CCT”) in May 2004 and Plaza Singapura into CapitaMall Trust (“CMT”) in August 2004, the sale of Scotts Shopping Centre and the related serviced apartment block in September 2004, the de-consolidation of RC Hotels from October 2005, as well as lower project management revenue from One George Street.