CapitaLand achieved 3Q 2014 PATMI of S$130m and Operating PATMI* of S$129.5m, up 1.3% and 37% y-o-y
Singapore, 7 November 2014– CapitaLand Limited achieved profit after tax and minority interests (PATMI) of S$130 million for 3Q 2014, up 1.3% from the same quarter last year. The Group’s Operating PATMI* for 3Q 2014 rose 37% to S$129.5 million year-on-year, driven by higher contribution from the shopping mall business, development projects in China and Vietnam, and lower finance costs.
Group revenue was S$918.9 million for 3Q 2014, with Singapore and China accounting for 75.7%. During the same period, the Group achieved Earnings before Interest and Tax (EBIT) of S$350.5 million, with Singapore and China contributing 80.1% of total EBIT.
For YTD September 2014, PATMI and Operating PATMI* grew 7.7% and 32.4% to S$751.5 million and S$421.8 million respectively over the previous corresponding period.
(insert table here)
Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: “CapitaLand’s business remains resilient as it continues to focus on building a well-diversified portfolio across integrated developments, shopping malls, serviced residences, offices and homes. With a simplified organisational structure, CapitaLand is well-positioned to execute its strategy and capitalise on the long-term urbanisation and consumerism trends in Asia.”
He added: “The Group will continue to recycle capital and grow its assets under management. With prudent capital management and a healthy balance sheet, CapitaLand is able to seize new opportunities as they arise.”
The Group will continue to invest in well-located sites mainly in Singapore and China to grow its pipeline of projects. It will also focus its efforts on improving the performance of its existing projects as well as the forthcoming opening of new shopping malls and Raffles City projects in China.
Ascott will continue to seek investment opportunities in key gateway cities in Asia and Europe, and focus on active asset enhancement initiatives to upgrade its serviced residences. It will also continue to grow its fee-based income through securing more management contracts to scale up its global network.