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CapitaLand registers lower profit

Property giant CapitaLand reported a profit after tax and minority interests (PATMI) drop of 39.5 percent to $247.7 million in Q4 2015, compared to $409.4 million in Q4 2014.

The group’s operating PATMI also fell 12.1 percent to $249.2 million, while revenue rose 14.6 percent to $1.74 billion during the quarter.

In a statement, the Singapore-based developer noted that higher revenue was driven mainly by development projects in China and higher rental revenue from its serviced residence business.

On a yearly basis, CapitaLand’s PATMI fell 8.2 percent to $1.07 billion in 2015 from $1.16 billion in the previous year, which was boosted by a one-off gain of $123.5 million from the sale of Westgate Tower.

Operating PATMI stood at $823.6 million, up 16.8 percent from the $705.3 million registered in 2014. Revenue also increased 21.3 percent to $4.76 billion.

“CapitaLand remains focused on growth in our core markets of Singapore and China. For longer term diversification and balance, we will continue to expand in growth markets such as Vietnam and Indonesia,” said CapitaLand President and Group CEO Lim Ming Yan.

“In China, we achieved our highest residential sales value of RMB15.4 billion in 2015, and we expect residential sales in the market to continue to perform steadily this year. Our new Raffles City developments are also on-track for completion over the next few years and we expect strong demand for these projects.”

CapitaLand Group Chairman Ng Kee Choe added: “In line with CapitaLand’s policy to pay dividends on a sustainable basis, the Board is pleased to propose a dividend of nine Singapore cents a share for FY 2015.”

Picture Source: Sky Habitat by CapitaLand.
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