CapitaLand profits down 7.8% to $333.93m in Q3 | / Property news / CapitaLand profits down 7.8% to $333.93m in Q3

CapitaLand profits down 7.8% to $333.93m in Q3

Fresh property news selection on November 05. 2019, Tuesday.

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The absence of gains from divesting Westgate to CMT dragged down profits. CapitaLand's profit after tax and minority interests (PATMI) fell 7.8% YoY to $333.93m in Q3 2019, the company announced. Revenue jumped 37.1% to $1.73b over the same period.

In 9M 2019, profit slipped 6% to $1.21b whilst revenue dipped 3% to $3.86b.

Also read: CapitaLand profits down 5.3% to $875.4m in H1

The fall in profits for the quarter was mainly attributed to the absence of a one-time gain of $99.2m from divesting Westgate to CapitaLand Mall Trust (CMT) in August 2018.

This was offset by a growth in PATMI by 18.8% to $277.6m, mainly from consolidating Ascendas Singbridge’s results, as well as receiving higher contributions from residential projects in China and one-off fee income from a Vietnam project.

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