CapitaLand's 3Q profits soared 28.4% to $247.5m

Thanks to strong Singapore and China residential businesses.

CapitaLand achieved total PATMI of S$247.5m in 3Q 2016, 28.4% higher than the $192.7m in 3Q 2015, driven by better operating performance.

Operating PATMI grew 54.5% to S$251.8m due to higher contributions from the Group's residential businesses in Singapore and China, commercial portfolio in Singapore, shopping malls in China and Malaysia, as well as newly acquired serviced residences.

Thanks to strong Singapore and China residential businesses.

CapitaLand achieved total PATMI of S$247.5m in 3Q 2016, 28.4% higher than the $192.7m in 3Q 2015, driven by better operating performance.

Operating PATMI grew 54.5% to S$251.8m due to higher contributions from the Group's residential businesses in Singapore and China, commercial portfolio in Singapore, shopping malls in China and Malaysia, as well as newly acquired serviced residences.

Group revenue increased 27.7% to S$1,373.7m on the back of higher contributions from residential projects in Singapore and China, as well as higher rental income from its commercial portfolio in Singapore and serviced residence business.

The residential projects which contributed to higher revenue in the quarter include The Nassim and Cairnhill Nine in Singapore, Riverfront in Hangzhou, New Horizon in Shanghai and Vermont Hills in Beijing.

The Group achieved EBIT of S$494.4m in 3Q 2016, 7.7% higher than the S$459.1m in 3Q 2015. Singapore and China remain the key contributors, accounting for 80.4% of EBIT (3Q 2015: 75.2%).

YTD September 2016 total PATMI was S$759.8m, 7.1% lower than the S$818.0 million in the corresponding period last year. This was mainly due to lower fair value gains from revaluation of properties and portfolio gains.

Operating PATMI in YTD September 2016 was S$576.2m, 0.3% higher than the S$574.3m in YTD September 2015. Excluding the gain from change in use , operating PATMI improved by 35.2%, driven by higher handover of residential units in China and higher recurring income from CapitaGreen in Singapore, shopping malls in China and the serviced residence business.