CapitaLand Q2 net profit up 14.5% on-year

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.

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.

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

Source : Channel NewsAsia – 5 Aug 2014