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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.
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.
Real estate related news stories from Singapore
- Kampong Glam, Serangoon Gardens shophouses up for sale at $6.9m and $8.5m
- GIC joint venture acquires A-grade office building in Sydney
- CapitaLand, CDL preview Sengkang Grand Residences venture
- GIC, Charter Hall JV acquires A-grade office building in Parramatta, Sydney
- ‘Hayven’: grand Noosa estate of extraordinary scale
- How to Buy Good Quality Properties
Asian property news round up
- HK's property demand remains strong despite protests
- Much-needed shot in the arm for Malaysian property market
- Hong Kong property investors turn to SE Asia
- Construction giants report bad business results
- Increasing M&A deals in real estate despite risks
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