SINGAPORE - Capitaland reported yesterday that its net profit for the third quarter, ended Sept 30, rose 28.4 per cent to $247.5 million, compared to $192.7 million a year ago, thanks to improvement in its business.
Revenue was up 27.7 per cent to $1.4 billion, from $1.1 billion previously.
The improvement came on the back of higher contributions from residential projects in Singapore and China, as well as higher rental income from its commercial portfolio here and serviced-residence business.
The residential projects which contributed to greater revenue in the quarter included The Nassim and Cairnhill Nine in Singapore, Riverfront in Hangzhou, New Horizon in Shanghai and Vermont Hills in Beijing.
Operating profit grew 54.5 per cent to $251.8 million as a result of bigger contributions from residential businesses in Singapore and China, commercial portfolio here, shopping malls in China and Malaysia, as well as newly acquired serviced residences.
Lim Ming Yan, president and group chief executive of CapitaLand, attributed the better operating performance to the group's optimal asset mix that provided "stability and a strong recurring income stream despite a volatile market".
"We will continue to grow our assets under management through capital recycling, portfolio optimisation, fund management and management contracts," he said.
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