CapitaMalls Asia’s net profit jumps 8% to S$456m in 2011

The group committed a total of S$3 billion in acquiring stakes in five malls in Singapore and China.

CapitaMalls Asia Limited announced in a financial statement that it posted profit after tax and minority interests of S$456.0 million for FY 2011, 8.1% higher than the S$421.9 million for FY 2010. Earnings before interest and tax were S$601.9 million for FY 2011, 27.4% higher than the S$472.4 million for FY 2010.

Mr Liew Mun Leong, Chairman of CapitaMalls Asia, said: “Our net tangible assets per share increased from S$1.50 at the start of 2011 to S$1.60 at the end of the year, on the back of gains in the capital values of our portfolio of shopping malls. Including the total dividend paid of 3.5 Singapore cents a share in 2011, the total increase in NTA was 9.0% for the year.”

“For financial year 2011, the Board proposes a final dividend of 1.5 Singapore cents per share. Including the interim dividend of 1.5 Singapore cents we declared in July 2011, the proposed total dividend for full year 2011 is 3.0 Singapore cents per share.”

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said: “The performance of our China malls was the strongest, with net property income growth of 20.7% last year. Tenants’ sales in our China malls also increased by 13.2% last year, compared to 2010.”

“In 2011, CapitaMalls Asia committed a total of S$3.4 billion in acquiring stakes in five malls in Singapore and China. These acquisitions bring our portfolio in China to 56 malls across 35 cities, of which 42 are operational. We opened four malls last year – three in China and one in India.”

Review of 2011
In 2011, CapitaMalls Asia committed a total investment of S$3.9 billion, including acquisitions made by its real estate investment trusts CapitaMall Trust, CapitaRetail China Trust and CapitaMalls Malaysia Trust. These investments were for the acquisitions of stakes in eight shopping malls – two in Singapore, five in China and one in Malaysia:

50.0% stake in Westgate in Jurong Gateway, Singapore;
CapitaMall Trust’s acquisition of Iluma in Singapore;
Additional 50.0% stake in Minhang Plaza, Shanghai;
Additional 50.0% stake in Hongkou Plaza, Shanghai;
50.0% stake in the largest shopping mall in Suzhou;
25.0% stake in a landmark mixed development in Chongqing;
CapitaRetail China Trust’s acquisition of CapitaMall Minzhongleyuan in Wuhan; and
CapitaMalls Malaysia Trust’s acquisition of East Coast Mall in Kuantan.

Excluding the acquisitions by the REITs, CapitaMalls Asia committed a total investment of S$3.4 billion in 2011.

CapitaMalls Asia opened four malls in 2011 – three in China (Minhang Plaza and Hongkou Plaza in Shanghai; and CapitaMall Crystal in Beijing) and one in India (The Celebration Mall, Udaipur).