CapitaLand first-quarter PATMI rose 41.2% to S$188.2 million

See what drove up profits.

In a release, CapitaLand Limited (CapitaLand) said it achieved a net profit ofS$188.2 million for the first quarter of 2013, up 41.2% from the same period last year. Group revenue increased 3.2% to S$661.9 million, underpinned by higher revenue from its four strategic business units.

The total PATMI recorded in 1Q 2013 comprised operating PATMI of S$133.3 million, portfolio gains of S$47.5 million, revaluation gains of S$8.0 million and an impairment loss of S$600,000. The operating PATMI of S$133.3 million is up 70% from the same quarter last year.

Strong residential sales were achieved in both Singapore and China. For the quarter, CapitaLand Singapore sold 544 residential units at a total sales value of S$1.3 billion. This is similar to the total residential sales value recorded for the entire 2012. Out of 544 units, d’Leedon accounted for 481 units.

CapitaLand China sold 955 residential units at a sales value of approximately S$400 million, a threefold increase over 1Q 2012. The units sold were from The Metropolis in Kunshan, The Pinnacle and Paragon in Shanghai, The Loft in Chengdu and iPark under Raffles City Shenzhen.

Revenue recorded by CapitaLand Singapore grew 36.4%, driven by higher sales from The Interlace and higher progressive revenue recognition from Urban Resort Condominium and Sky Habitat. Revenue from CapitaLand China rose 20.5% in 1Q 2013, mainly due to units handed over to buyers of The Metropolis in Kunshan. In China, revenue is recognised on a completion basis.
For CapitaMalls Asia Limited (CMA), the revenue growth in 1Q 2013 was mainly contributed by Olinas Mall which was acquired in July 2012 and The Star Vista which opened in September 2012. It also recorded higher project and property management feesin China.

Ascott’s higher revenue of S$92.6 million in 1Q 2013 was mainly due to contributions from properties that were acquired in 2H 2012, partially offset by the absence of revenue from properties divested in 3Q 2012.

The Group’s Earnings before Interest and Tax (EBIT) grew 16.5% to S$386.1 million compared to 1Q 2012, mainly due to higher operating profits driven by strong revenue contribution from development projects in Singapore and China, portfolio gains, as well as rental income and management fees from the Group’s shopping mall business.