Mainboard-listed CapitaMalls Asia (CMA) has posted a first quarter net profit of S$96.8 million, up more than nine-fold from a year ago.
Revenue in the first three months of its fiscal year rose 41 per cent to S$74.6 million.
The increase was due to profit recognition from the sale of The Orchard Residences apartments in Singapore as well as contributions from its ION Orchard mall.
Fair value gain on the revaluation of Clarke Quay and Tianfu Mall in Chengdu, China, also boosted earnings.
Chairman of CapitaMalls Asia, Liew Mun Leong, said he expects retail consumption to remain strong in all the firm’s key markets as Asia is expected to grow more than 8 per cent, led by China and India.
To capitalise on this growth, CMA opened the Anyang Mall in China in the first quarter, with a committed occupancy of 78 per cent.
It will also open another two malls in Beijing and Harbin this quarter.
With the acquisition of Meili Mall and the Tianfu integrated development in Chengdu, CMA now has a total of 11 retail properties in Western China.
Source : Channel NewsAsia – 14 Apr 2010