CapitaLand’s net profit drops 26% to S$419m in Q3

Southeast Asia’s largest property developer CapitaLand posted a 26 per cent drop in third quarter net earnings over a year ago.

Net profit came in at S$419.4 million due to lower sales.

Revenue in the three months ended September also fell by some 33 per cent to S$597 million.

For the year-to-date, net profit hit S$1.18 billion, down from S$2.08 billion in the same period last year.

CapitaLand said it is looking at possible acquisitions, given the current market turmoil.

Source : Channel NewsAsia – 31 Oct 2008

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