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Its Q4 revenue surged 94.8% to $926.6m, thanks to its residential developments in China.
CapitaLand saw its profit after tax and minority interests (PATMI) jump 21.2% YoY to $2.14b in FY2019 from the $1.76b in 2018, according to an SGX filing. Likewise, its revenue rose 11.3% YoY to $6.23b from $5.6b over the same period.
Its PATMI growth was driven by higher operating PATMI, gains realised from assets recycling and revaluation of investment properties. However, it was partially offset by net impairments made during the year.
Operating PATMI was at $1.06b, which is said to be a record high for the group, thanks to contributions from Ascendas-Singbridge (ASB) businesses, assets acquired in FY2018 and assets that turned operational in FY2019. Full-year return of equity (ROE) rose to 10% from 9.3% in FY2018.
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- CapitaLand Q4 profit almost doubles; buys UK business park for £126.7m
- City Developments' profit inched up 1.3% to $564.58m in 2019
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