Channel NewsAsia

CapitaLand Q2 net profit up 14.5% on-year

Singapore’s largest property developer posted a net profit of S$438.7 million for the second quarter, up from S$383.3 million a year ago.

SINGAPORE: CapitaLand, Singapore's largest property developer, said on Tuesday (Aug 5) its net profit for the second quarter rose 14.5 per cent from a year ago, helped by higher profits from its developments in China and shopping mall business.

Net profit for the quarter was S$438.7 million, compared with a restated S$383.3 million in the same period last year. Revenue fell 13 per cent to S$875.3 million, with Singapore and China accounting for 72.9 per cent of overall group revenue.

Looking ahead, CapitaLand said it plans to continue investing in well-located sites to grow its pipeline of integrated, residential and commercial developments in Singapore and China.

It shopping mall unit, CapitaMalls Asia, will focus on opening new shopping malls in China and India in the coming months while continuing to improve the performance of its existing malls, the developer said. It currently operates 85 malls in Singapore, China, Japan, Malaysia and India.

CapitaMalls intends to open one more mall in China this year and another 10 in 2015 and thereafter, to grow its China portfolio to 62 from 51 currently. As for India, it is looking to open another six malls, growing the total to nine from three currently.

Tweet photos, videos and updates on this story to  @channelnewsasia