Bullish outlook for new China, Singapore malls.
In a note to the Singapore Exchange over the weekend, CapitaMalls Asia Limited (CMA) issued a clarification referring to the Business Times article “CMA Q4 profit drops 10% on lower fair-value gains” on 8 February 2013. CMA’s Chief Executive Officer was quoted as saying “Our core PATMI (profit after tax and minority interests) should increase 30-40 per cent this year from 2011”.
CMA said that this was instead a reference to an increase in profit after tax and minority interests (excluding revaluation/impairment and portfolio gain) in 2013
compared to 2012, instead of what was stated.
"This assumes profit is recognised from the expected construction progress of Bedok Residences, and that CMA’s 2012 acquisitions in Japan, its newly opened malls in China and Singapore, and its other operating malls continue to perform well given their leasing and earnings visibility, barring unforeseen circumstances. Details of such activities can be found in CMA’s previous announcements."
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