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By Shabnam Muzammil:
CapitaMalls Asia (CMA) has boosted its net profit by 19.7 percent to S$546 million for FY2012, while its earnings stood at S$686.3 million, up 14 percent from FY2011.
“Despite challenges posed by the European debt crisis and US fiscal cliff impasse in 2012, CapitaMalls Asia has delivered a strong set of results for the year as our shopping malls are located in Asia, where economic growth is strong and we can ride on the growth in consumerism,” said Chairman Liew Mun Leong.
Lim Beng Chee, CEO of CMA added: “Our key markets continued to perform well, posting growth in net property income, tenants’ sales on a per square metre basis, and shopper traffic. This was led by China, where net property income grew 16.9 percent and tenants’ sales increased 9.8 percent. The increase in tenants’ sales was spurred by second- and third-tier cities, where it grew even faster – at 13.2 percent.”
CMA has a portfolio of more than 100 retail properties across five countries: Singapore, Malaysia, China, India and Japan.
Shabnam Muzammil, Senior Journalist at PropertyGuru, wrote this story. To contact her about this or other stories email shabnam@propertyguru.com.sg
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