CapitaLand's net profit plunged 45% to $143m

Despite 21% surge in revenue.

According to OSK, CapitaLand (CAPL SP) reported a weak set of 4Q13 results this morning, with net profit of $143mil (-45% YoY) accounting for 17% of FY13 results of $850mil (-9% YoY).

Here's more

Although full year revenue of $4bn were 21% higher YoY, both EBIT and Net Profit were down 11% and 9% YoY, largely due to divestment of 20% stake in Australand, repurchase of CBs and higher impairments. Excluding these, recurring net profit would have improved by 4.3%.

CAPL announced higher dividends at 8cts (vs 7cts FY12) which gives an implied yield of 2.7%. CAPL is likely to continue facing headwinds in both Singapore and China (collectively 83% of assets) in the near term whilst its listed REITs’ entities are likely to outperform given their relatively higher yields.