CapitaMalls Asia reports 14% rise in Q3 net profit to S$68m

CapitaMalls Asia (CMA) on Thursday reported a net profit of S$68 million for the third quarter.

This is a 14 per cent increase from a year earlier.

However, revenue for the same period slipped 22.1 per cent to S$42.5 million.

CMA said the fall in revenue was mainly because of the divestments of three Malaysia malls to CapitaMalls Malaysia Trust, and Clarke Quay to CapitaMalls Trust.

The company said economic growth remains strong in its two largest markets, Singapore and China, underpinning the performance of its portfolio for the coming quarters.

CMA said it will continue to improve the performance of the existing properties and focus on reaping cost synergy and improving the mall management systems.

CMA added that it will continue to pursue selective acquisition and development opportunities, especially in Singapore, China and Malaysia.

Source : Channel NewsAsia – 28 Oct 2010

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