CapitaLand's Q2 profit skyrockets 105.1% to $810.8m

It recorded stellar gains from properties in Singapore and China.

CapitaLand achieved a 105.1% growth in its profit for the second quarter of the year, reaching $810.8m from $395.3m last year.

For the said period, profit attributable to shareholders jumped 97% to $579.3m.

According to the group, this was attributable to better operating performance, higher revaluation gains from investment properties in Singapore and China, as well as higher portfolio gains arising mainly from the divestments of Innov Tower in China and 18 rental housing properties in Japan.

The group's revenue of $992.4m was 12.3% lower than last year, mainly due to lower contribution from development projects in Singapore, partially mitigated by higher contribution from development projects in China and higher rental income from newly acquired and opened properties.

The development projects that contributed to the revenue this quarter include Victoria Park Villas in Singapore as well as Beaufort in Beijing and Summit Era in Ningbo, China.

CapitaLand president and group CEO Lim Ming Yan said the quality of the Group’s earnings has also improved with profits from business operations higher than the same period last year, attributable to steady recurring income from our investment properties and management contracts, and realised gains from our trading properties which include residential and office strata sales.