CapitaMalls Asia doubles profit to almost S$165m

This is for the second quarter of 2011, compared to the S$82m profit in the same period in 2010.

Mr Liew Mun Leong, Chairman of CapitaMalls Asia, said, “We are pleased to turn in a strong performance in the first half of this year with PATMI of S$214 million, on the back of strong Net Property Income growth as well as positive revaluations of our malls. In view of our strong performance in the first half, the Board is pleased to declare an interim dividend of 1.5 cents per share.”

He said, based on the current outlook and growth momentum, the Board expects to recommend another dividend of at least 1.5 cents per share for the full year, bringing their full 2011 dividend payout to at least 3.0 cents per share.

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said, “We achieved 22% Net Property Income growth for our China malls on a same-mall basis in the first half. This was backed by strong tenants’ sales and shopper traffic, which grew more than 15% and more than 10% respectively. We also saw positive revaluations for our malls in China, underpinned by strong Net Property Income growth and positive outlook for retail sales. Today, more than 1.8 million shoppers pass through our malls in the region every day.”

In Singapore, they won the tender for the Jurong Gateway site, where they will build a shopping mall with a gross floor area of about 575,000 square feet.