CapitaMalls Asia PATMI climbs 4% to S$64.8m

Singapore, China and Malaysia markets led growth.

CapitaMalls Asia Limited announced that it achieved profit after tax and minority interests (PATMI) of S$64.8 million for 3Q 2013, an increase of 4.0% over the S$62.4 million for 3Q 2012. Operating PATMI for 3Q 2013 was S$65.1 million, a 4.4% increase over the S$62.4 million for 3Q 2012.

For the first nine months of 2013, PATMI was S$383.6 million, 6.2% higher than the S$361.2 million in the first nine months of 2012. The total PATMI comprised operating PATMI of S$185.3 million, portfolio gains of S$20.3 million and revaluation gains of S$178.0 million.

The operating PATMI of S$185.3 million for the first nine months of 2013 was 35.8% higher than the S$136.5 million for the first nine months of 2012. This was largely due to the commencement of profit recognition for units sold in Bedok Residences; the opening of The Star Vista in September 2012; as well as higher contributions from three malls in Singapore which resumed full operations in 2012 after major asset enhancements, and the acquisitions of stakes in four Japan malls in 2012.

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said, “Notwithstanding the uncertainty in the global economy, CapitaMalls Asia continued to record an increase in PATMI in the third quarter. Operating PATMI in the first nine months of this year increased 35.8% year-on-year, as our underlying business continued to grow.”

“Our key markets of Singapore, China and Malaysia continued to record growth in the third quarter. In China, the net property income of our malls grew 12.0% in the first nine months of this year, compared to the same timeframe last year. In that same period, total tenants’ sales on a same-mall basis increased 13.8%.”

“During the third quarter, we opened the second phase of CapitaMall Jinniu in Chengdu, China, with a committed occupancy of slightly more than 90.0%. In the fourth quarter, we target to open two malls in Singapore – Westgate and Bedok Mall, which are about 85.0% and nearly 100.0% leased respectively. We continue to be on the lookout for good acquisition opportunities in our key markets.”