CapitaLand's profits dipped 0.7% to $383.1m

And it won't get any better soon.

According to OCBC Investment Research, CapitaLand’s 2Q13 PATMI decreased 0.7% YoY to S$383.1m. OCBC judges this to be within expectations and 1H13 PATMI now cumulates to S$571.3m which makes up 65% of its full year forecast.

Here's more:

1H13 topline is S$1,844.6m, up 22.7% YoY mostly due to higher recognitions from residential projects in Singapore and China and stronger contributions from CMA and Ascott.

Over 1H13, we saw 683 residential units sold in Singapore – up significantly YoY versus the 259 units sold in 1H12 – and Chinese residential sales also grew a healthy 58% YoY to 1,619 units in the first half of the year.

The group reports that it foresees headwinds for the private residential market in Singapore over the near term due to recent curbs but remains positive about its businesses in China, which is underpinned by urbanization, growing affluence and increasing domestic consumption.