CapitaMalls Asia Q4 profit down 15.2%

Shopping mall developer and operator CapitaMalls Asia said its fourth quarter net profit fell 15.2 per cent due to lower contributions following the divestment of several properties earlier in 2010.

Net profit for the last quarter ended Dec 31 fell to S$144 million from S$169.9 million a year ago.

CapitaMalls Asia also reported a drop in revenue by some 16.5 per cent on-year to S$55.2 million for the same quarter.

However, for the full year of 2010, CapitaMalls Asia said its net profit rose 8.7 per cent to S$421.9 million.

Looking forward, the company said that credit tightening measures in China have presented opportunities to buy shopping malls at more realistic prices.

It added that it is planning to acquire another S$2 billion of new projects this year, as part of its plan to double the number of malls in China to 100 within the next three to five years.

Source : Channel NewsAsia – 17 Feb 2011

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