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.

Join Singapore Business Review community
Join Singapore Business Review community
A NOTE FROM SINGAPORE BUSINESS REVIEW

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Top News

30 One-Sentence Stories From People Who Have Built Better Habits
None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.
SBR 5 Lorem Ipsum News 2 [8 May]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
SBR 4 Lorem Ipsum [8 May Top Stories]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Exclusives

How Experts Figure What to Focus On
eliminate the distractions. Commit to one thing and become great at that thing.”
Exclusive three SBR 12 Lorem Ipsum [8 May]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
SBR 3 Lorem Ipsum [ Exclusive 2]
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Event News

Video [Event News]
Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley