CapitaMalls Asia’s Q2 net profit doubles on-year

Singapore shopping mall developer CapitaMalls Asia said its second-quarter net profit has doubled on-year.

In a filing to the Singapore Exchange, the company said its net profit came in at S$164.9 million for the second quarter, up from S$82.1 million a year ago.

This is due to fair value gains, contributions from associates, and a revised accounting policy, it said.

But its revenue declined 14 per cent to S$62.8 million from a restated S$73 million in the same period last year.

The developer said this is mainly due to the divestment of four malls.

Looking ahead, CapitaMalls Asia said that there may be opportunities in China to acquire assets at attractive prices, as the country continues its credit tightening measures.

The company also announced an interim dividend of 1.5 Singapore cents per share due to its strong performance in the first half of this year.

This brings its full-year dividend payout to at least 3 Singapore cents per share.

Source : Channel NewsAsia – 21 Jul 2011

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