CapitaLand achieved 2Q 2014 PATMI of S$438.7m and operating PATMI of S$136.5m, up 14.5% and 30.7% y-o-y
Singapore, 5 August 2014– CapitaLand Limited achieved a 14.5% year-on-year increase in net profit to S$438.7 million for 2Q 2014. This was due to improved operating PATMI, higher revaluation gains from investment properties and write-back of impairments.
The Group’s operating PATMI for 2Q 2014 rose 30.7% to S$136.5 million from the same period last year, driven by lower finance costs, higher development profits from China and higher contribution from the shopping mall business.
Group revenue was S$875.3 million for 2Q 2014, with Singapore and China accounting for 72.9%.
During the same period, the Group achieved Earnings before Interest and Tax (EBIT) of S$799.7 million. Singapore (48.5%) and China (30.1%) operations remained the key contributors to EBIT.
For 1H 2014, PATMI was S$621.5 million, up 9.2%, while operating PATMI grew 30.3% to S$292.2 million.
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Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand has a well-balanced portfolio of investment properties and residential projects. This has provided us with an improved set of results despite the slowdown in the residential markets in Singapore and China. With a simplified organisational structure, CapitaLand is strategically positioned to leverage its strength in development, as well as management of integrated developments, shopping malls and serviced residences to capture the growth in Asia."
The Group will continue to invest in well-located sites to grow its pipeline of integrated, residential and commercial developments in Singapore and China.
CMA will focus on opening new shopping malls in China and India in the coming months whilst continuing to improve the performance of its existing malls, and build the pipeline of malls under development which will provide the growth in future earnings.
For the serviced residence business, Ascott will continue to grow its fee-based income through securing more management contracts so as to scale up its global network.