CapitaMalls Asia's profit jumps 9.6%

CapitaMalls Asia's profit jumps 9.6%

Contributions from new malls helped CapitaMalls Asia (CMA) post a 9.6 per cent jump in net profits to $73.2 million in the first quarter from a year earlier.

The acquisition of Olinas Mall in July and the opening of The Star Vista in September helped drive a 29.1 per cent rise in revenue to $91.5 million for the three months ended March 31.

The better performance was also due to higher contributions from the CapitaMall Trust, Ion Orchard shopping mall, and its Chinese properties Minhang Plaza and Hongkou Plaza.

Higher interest incomes earned from loans to shareholders also helped boost its latest numbers.

CMA chairman Ng Kee Choe said: "Despite the lingering global economic uncertainty, CMA posted healthy growth in the first quarter. Looking ahead, we continue to be positive about the long-term retail prospects in our key markets of Singapore, China and Malaysia."

Earnings per share for the quarter was 1.9 cents, up from 1.7 cents in the corresponding quarter a year earlier.

Net asset value per share was $1.70 as of March 31, up from $1.67 as of Dec 31 last year.

CMA chief executive Lim Beng Chee said its key markets in Singapore and China continued to record growth in the first quarter, and was optimistic about retail sales in China following its government's efforts to increase minimum income and boost domestic consumption.

"In Singapore, tenants' sales on a per sq m basis increased 3.6 per cent. In China, net property income grew 15.2 per cent and the total tenants' sales on a same-mall basis increased 15.9 per cent," said Mr Lim.

CMA will open two more malls in Singapore - Westgate and Bedok Mall - and will open its CapitaMall Meilicheng in Chengdu on Sunday, it added.

CMA's share price rose seven cents to close at $2.04 on Thursday.

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