CapitaLand Q1 profits slipped 18.8% to $319.09m

It blamed the absence of the gain from the sale of The Nassim.

CapitaLand's profits in Q1 fell by 18.8% YoY to $319.09m, due to the absence of the gain from the sale of The Nassim in the first quarter of 2017, which was mitigated by higher gains from its portfolio.

According to its financial statement, excluding the gain from the sale of The Nassim, operating profits could have increased by 25.0% or $45.8m.

The net gains from its sale of investments reached $68.4m, due to 20 malls in China and a property investment in Vietnam, amongst others. Revaluation gains fo $35.4m were realised from Citadines Frankfurt and Hamburg and its share of divestment gain of Central Park City, Wuxi.

Meanwhile, revenue was up 53.3% to $1.38b due to higher contributions from development projects in Singapore and China, as well as higher rental income from newly acquired properties and contributions from CapitaLand Mall Trust (CMT), CapitaLand Retail China Trust (CRCT), and RCS Trust (RCST) which were consolidated from August 2017.

CMT's net property income (NPI) rose 4.7% YoY from $120.06m to $125.65m, thanks to higher occupancy in IMM, Clarke Quay, The Atrium@Orchard, and Plaza Singapura. CRCT's NPI slipped by 7.7% YoY from $40.3m to $37.18m as it lost the contribution from CapitaMall Anzhen which was sold on 1 July 2017.

"The development projects which contributed to the revenue this quarter were Victoria Park Villas in Singapore and The Metropolis in China," it said.