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CapitaLand profit reviewed: focus ‘bearing fruit’

With retail malls and commercial properties performing strongly, CapitaLand’s focus on growing its commercial portfolio is bearing fruit, says investment company DBS Vickers Securities.

CapitaLand profit rose 28.4 per cent to S$247.5 million (US$175 million) with revenues up 27.7 per cent to S$1373 million for its third quarter. Core net CapitaLand profit ballooned 55 per cent to S$251.8 million.

This performance was driven by higher development projects in China and Singapore as well as better performance from its Singapore commercial portfolio, reports Singapore Business Review.

CapitaMalls Asia continues to perform steadily despite challenges. The group has 87 properties across Asia, including 56 in China. Sales and occupancy rates are steady for its shopping malls.

Raffles City integrated developments in China continue to offer stable returns, with four more developments planned in the next two years.

CapitaLand Retail China has been upbeat despite challenges.

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