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CapitaLand's Q1 net profit dips by 1.7%

Property group CapitaLand has posted a first quarter net profit of S$182.8 million, down 1.7 per cent compared to a year ago.

SINGAPORE: Property group CapitaLand has posted a first quarter net profit of S$182.8 million, down 1.7 per cent compared to a year ago.

The lower profit was due to a S$58.7 million one-off gain recorded in the same quarter last year.

Excluding the one-off gain, CapitaLand's operating net profit rose nearly 30 per cent to S$155.7 million from the first quarter of 2013.

In a statement on Friday, CapitaLand attributed this to higher development profits and improved performance from its shopping malls.

Still, CapitaLand's group revenue declined 3.4 per cent to S$612.6 million from its restated figures in the first quarter of last year.

In Singapore, CapitaLand said it sold 34 residential units, which amounted to a total sales value of S$87.0 million in the first quarter.

However, sales picked up in April with 106 units sold at its development Sky Habitat with a total sales value of about S$157.6 million following a marketing campaign.

In China, CapitaLand reported higher revenue, up 56.2 per cent to S$82 million in the same quarter.

The company says this is in line with the increased number of units handed over from projects such as The Loft, La Cite in Foshan, and Lake Botanica in Shenyang.

Looking ahead, CapitaLand said it remains confident in the potential of the Chinese market.

The company added that it will continue to strengthen and deepen its presence in China through the five city clusters.

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