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CapitaLand’s net profit rose 5.8% to $464m in Q2

Singapore Business Review

China property is the bright spot.

CapitaLand reported that its net profit grew 5.8% year-on-year to $464m in the second quarter, on back of a sharp increase in operating profit.

The group’s operating profit surged by 87.6% to $256.1m during the quarter, mainly due to gains arising from the change in the use of development properties for sale in China, namely Towers 5&6 of The Paragon and Tower 3 of Raffles City Changning.

CapitaLand has changed its business plans for these projects from strata-sale to leasing as investment properties.

The group's revenue increased by 17.8% to $1.03b on the back of higher contribution from development projects in China, partially offset by lower revenue from development projects in Singapore and Vietnam.

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In addition, the Group also recorded higher rental revenue from its shopping mall and serviced residence businesses during the quarter. Collectively, the two core markets of Singapore and China accounted for 79.6% of CapitaLand's revenue in the second quarter.



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