Singapore shopping mall developer Capita-Malls Asia said yesterday its third-quarter net profit fell 30.3 per cent from a year earlier mainly due to higher finance expenses and absence of gains from sold assets.
Net profit for the three months ended September was S$36.5 million, compared with a restated S$52.4 million, the company said.
The company restated comparative figures from 2010 after adopting a new accounting policy this year, under which revenue and profit from overseas and certain Singapore projects are recognised only on full completion. It had reported third-quarter 2010 net profit at S$68.0 million.
Revenue for the quarter rose 57.3 per cent to S$66.9 million from a restated S$42.5 million due to rental revenue from a newly acquired mall, and higher contributions from fund, property and project management businesses. The developer reported a 17.4 per cent increase in revenue under management to S$382.3 million.
CapitaMalls Asia noted the stalled growth momentum in the United States and Europe, but added that “Asian economies are still growing, albeit at a slower pace, with China being the main growth engine”. CapitaMalls Asia said it will continue to strengthen its presence in the region.
CapitaMalls Asia, a unit of CapitaLand, has a portfolio of 96 retail properties across Asia.
Source : Today – 20 Oct 2011