/ Property news / Better second half expected of CapitaLand on higher residential sales and ASB M&A

Better second half expected of CapitaLand on higher residential sales and ASB M&A

CapitaLand, South-east Asia’s largest property group, is expected to have a better 2H19 now that assets under management have expanded to $129.1 billion after the acquisition of Ascendas-Singbridge (ASB).

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On Aug 12, CapitaLand reported lower profit after tax and minority interest (Patmi) for both 2Q19 and 1H19 ended June compared to a year ago, after the developer incurred a one-off transaction cost of $36 million for the ASB acquisition in 2Q19.

In addition, Patmi for 1H19 fell 5.3% to $875.4 million from a year ago while Patmi for 2Q19 fell 4.2% to $579.8 million. Meanwhile, operating Patmi for 1H19 and 2Q19 fell 14.9% and 8.4% respectively, due to lower contribution from residential projects in Singapore and China, where fewer units were handed over compared to the same period a year ago.


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