CapitaMalls Asia’s Q1 profit up 36%

Singapore shopping mall developer CapitaMalls Asia posted profit after tax of S$66.8 million for the first quarter of its fiscal year, up 36 per cent from the S$49.1 million reported last year.

In a stock exchange filing, the company said its revenue rose 41 per cent to S$70.9 million from S$50.2 million in the same period last year.

This was mainly due to the contributions from its three newly acquired Japan malls, rental revenue from Queensbay Mall in Malaysia, and higher contributions from its management fee business.

The company expects to continue its growth for the rest of the year, given the positive indicators from its key markets in Singapore, China and Malaysia.

CapitaMalls Asia’s chief executive officer, Lim Beng Chee, said: “We are also pleased to develop our first shopping mall in the south of Beijing, to meet the under-served retail needs of the residents in this up-and-coming region.

“This brings our portfolio in China to 57 shopping malls in 35 cities, with a cluster of nine in Beijing.

“Going forward, we remain positive on the prospects for retail sales in the country, given its solid fundamentals — low unemployment rate, strong household balance sheets, and rising urbanisation and incomes.”

The company has interests in and manages a pan-Asian portfolio of 98 shopping malls across 51 cities in Singapore, China, Malaysia, Japan and India.

Source : Channel NewsAsia – 25 Apr 2012

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