CapitaLand’s net profit jumps by 48.3% to $192.7m in Q3

On back of stellar performances on all business units.

The real estate company has hit the sweet spot on its business units this quarter, as it recorded a higher operating PATMI of $163m, complementing higher portfolio gains of $20m and revaluation gains of $9m.

According to a statement by CapitaLand, its group revenue increased by 17.1% in 3Q15, seeing higher contributions from its development projects in China.

However, these were partially offset by lower revenue recognition from development projects in Singapore and Vietnam.

“In addition, the Group also recorded higher revenues from its shopping mall and serviced residence businesses,” the statement said.

CapitaLand saw healthy residential sales in China, selling 2,422 units with a sales value amounting to about $0.8b, more than doubling the sales value of 3Q of last year.

“A higher number of residential units was also handed over to buyers – 1,596 compared to 951 in 3Q 2014. This contributed to the increase in EBIT for China, which at S$156.7 million was 61.7% higher than the S$96.9 million in 3Q 2014,” the statement said.

“Looking ahead, we expect to complete over 2,000 residential units in 4Q 2015. Our well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits for the Group,” said Lim Ming Yan, president and group CEO of CapitaLand Limited.