CapitaLand's profit rises to S$133.2m in Q1
By Romesh Navaratnarajah:CapitaLand, Southeast Asia's largest property developer, has announced its first quarter results ended 31 March 2012, with net profit increasing by 31.3 percent to S$133.2 million while revenue rose 4.8 percent to S$641.1 million from S$611.5 million over the same period last year.
Earnings before Interest and Tax (EBIT) for the quarter also surged 16.9 percent to S$331.4 million, attributed to a slightly higher operating income, higher fair value gains and portfolio gains of investment properties.
"Our consistent ability to seize opportunities underscores our commitment to deliver results. With our healthy balance sheet, I firmly believe that we will be able to continue to steer the course to overcome global economic challenges for the group's long-term profitable growth," said Ng Kee Choe, Chairman of the Board.
Liew Mun Leong, President and CEO of CapitaLand, said the company's three core markets – Singapore, Australia and China accounted for 79 percent of the total EBIT.
"Our investment in the core markets has certainly laid the foundation for our future growth," he added.
Meanwhile, the company has appointed Dr Hu Tsu Tau as Senior Advisor to the Board effective 1 May 2012, following his retirement as Chairman and Director of the Board.
"Dr Hu has provided the Board vision, stewardship and oversight since 2004. Under his sterling leadership, the group delivered annual profit after tax exceeding S$1 billion for the sixth consecutive year in FY2011. We look forward to drawing on his wisdom and counsel in his new role as Senior Advisor as the Group enters its next phase of growth," noted Ng.
Dr Hu will advise on the company's strategic and governance-related matters, providing his perspective on CapitaLand's strategic activities and other investment projects.
Moving forward, the company plans to launch new phases of Urban Resort Condominium, The Interlace, Sky Habitat and d'Leedon this year. Its mall portfolio in Singapore will also get a boost once The Atrium, The Star and Bugis+ are all completed this year. Related Stories:Tuan Sing Q1 profit grows 23%
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