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S'pore projects boost CapitaLand's net profit

By Romesh Navaratnarajah: Property developer CapitaLand posted a net profit of S$519.1 million for 1H2012, up 3.7 percent over the same period last year.

The group also achieved an 11.2 percent growth in revenue to S$1,503.6 million, buoyed by an increase in shopping mall revenue, fee-based income and higher contributions from developments in Singapore and Australia.

Revenue from its local projects grew by 10.6 percent to S$406.5 million, mainly from The Interlace (pictured), Urban Resort Condominium and The Wharf Residence.

Moreover, the firm recorded stronger sales in Singapore's residential sector, from just 57 units sold in Q1 to 202 for Q2.

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Commenting on the strong results, Ng Kee Choe, Chairman of CapitaLand, said: "This is a good achievement considering uncertainties in the global economic environment. There are, however, opportunities in Asia, particularly China where the Group is well-positioned."

Meanwhile, Liew Mun Leong, President and CEO of CapitaLand, noted that CapitaLand's financial performance for 1H2012 shows that it is "on the right track with its multi-geography, multi-sector market asset strategy".

He added that Singapore and China will continue to be its main markets for new investments. Related Stories: 424 PropNex salespersons rewarded for service excellence

F&N's bid to privatise HK unit fails

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