CapitaMalls Asia's 4Q12 profit slips 10% to S$184.8m

But full year gains surged 19.7%.

According to a release, CapitaMalls Asia Limited announced that it achieved profit after tax and minority interests (PATMI) of S$546.0 million (HK$3,444.1 million) for FY 2012, up 19.7% compared to FY 2011. Earnings before interest and tax (EBIT) were S$686.3 million (HK$4,329.0 million), an increase of 14.0% over FY 2011.

PATMI for 4Q 2012 was S$184.8 million (HK$1,165.9 million), 10.0% lower than the S$205.4 million (HK$1,295.9 million) for 4Q 2011 – mainly due to lower fair value gains for 4Q 2012. Excluding such gains, the adjusted PATMI for 4Q 2012 would have been S$51.3 million (HK$323.6 million), 80.6% higher than the adjusted PATMI of S$28.4 million (HK$179.1 million) for 4Q 2011.

Mr Liew Mun Leong, Chairman of CapitaMalls Asia, said, “Despite challenges posed by the European debt crisis and US fiscal cliff impasse in 2012, CapitaMalls Asia has delivered a strong set of results for the year as our shopping malls are located in Asia, where economic growth is strong and we can ride on the growth in consumerism. The Board is pleased to propose a final dividend of 1.625 Singapore cents (10.3 HK cents) per share for financial year 2012. Including the interim dividend of the same amount declared in July 2012, the proposed total dividend for full year 2012 is 3.25 Singapore cents (20.5 HK cents) per share – 8.3% higher than the year before.”

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said, “Our key markets continued to perform well, posting growth in net property income, tenants’ sales on a per square metre basis, and shopper traffic. This was led by China, where net property income grew 16.9% and tenants’ sales increased 9.8%. The increase in tenants’ sales was spurred by second- and third-tier cities, where it grew even faster – at 13.2%.”

“We have delivered on 2012 being an inflection year for CapitaMalls Asia, with more than 50.0% of our malls in China3 becoming operational. We opened nine malls, comprising two in Singapore and seven in China, and these malls have started contributing to our bottom-line. We also laid the foundation for our future growth with six acquisitions in China, Malaysia and Japan, amounting to more than S$1.6 billion (HK$10.1 billion) in total.”

“We start 2013 with about 75.0% of all our malls3 operational, including about 70.0% of our malls in China. This year, we will focus on opening six malls. These comprise two new malls in Singapore, namely Westgate and Bedok Mall; two new malls in China, as well as phase 2 of CapitaMall Jinniu in Chengdu; and one in India.”

“Looking ahead, the global economy is starting to show signs of improvement, led by China’s economy resuming its higher growth trajectory. Our key markets of Singapore, China and Malaysia will continue to grow this year. Retail sales are also expected to grow in these three markets, and this bodes well for the performances of our shopping malls.”