Tourist arrivals in Singapore to boost CapitaMalls Asia's retail sales

With a forecast of 14.5 million tourists this year, CMA expects more people to shop till they drop.

In a release, CapitaMalls Asia Limited announced that it posted profit after tax and minority interests of S$66.8 million for 1Q 2012, an increase of 36.1% from the S$49.1 million for 1Q 2011. Earnings before interest and tax were S$87.7 million for 1Q 2012, 35.3% higher than the S$64.8 million for 1Q 2011.  

Mr Liew Mun Leong, Chairman of CapitaMalls Asia, said, “We are pleased to have recorded a strong set of results in the first quarter of this year. Looking ahead, Singapore is forecast to have higher tourist arrivals of between 13.5 million and 14.5 million this year, which will provide a boost to retail sales. In China, domestic consumption is set to overtake investment as the biggest driver of economic growth this year – the first time in more than a decade. The country’s retail sales are therefore expected to grow between 16.0% and 17.0% this year. And in Malaysia, retail sales are expected to increase 6.0% this year. We expect to continue our growth for the rest of the year, and remain ready to seize any opportunities to strengthen our leadership position.”  

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said, “Our key markets of Singapore, China and Malaysia have continued their momentum from last year to perform strongly in the first quarter.  We continued to register increases in net property income and tenants’ sales. Our China malls registered net property income growth of 15.7%, while tenants’ sales increased by 13.0% compared to the first quarter of last year.”