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CapitaLand Limited’s profit after tax and minority interest (PATMI) soared 48.3 percent to S$192.7 million in Q3 2015 from S$130.0 million in Q3 2014.
The Singapore property giant attributed the increase to higher operating PATMI of S$163.0 million, on account of better performance across all business units as well as higher portfolio gains of S$20.0 million and revaluation gains of S$9.0 million.
Group revenue jumped 17.1 percent to S$1.08 billion in Q3 2015, on the back of higher contributions from development projects in China, which partially offset the lower revenue recognition from development projects in Vietnam and Singapore.
The group revealed that it also registered higher revenues from its shopping mall and serviced residence businesses.
For year-to-date September 2015, operating PATMI and total PATMI rose 36.2 percent and 8.8 percent to S$574.3 million and S$818.0 million respectively over the same period last year.
Revenue, on the other hand, climbed 25.6 percent to S$3.02 billion.
CapitaLand noted that its year-to-date September 2015 operating PATMI included fair value gains of S$170.6 million that arose from the change in use of three development projects in China from construction for sale to leasing as investment properties.
The projects – The Paragon Tower 5 and 6, Raffles City Changning Tower 3 and Ascott Heng Shan Shanghai – are located at prime locations in Shanghai. The group decided to change its business plan in order to hold the projects for long-term use as investment properties.
“Our well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits for the group,” said Lim Ming Yan, President & Group CEO of CapitaLand Limited.
Notably, the group witnessed healthy residential sales in China in Q3 2015, selling 2,422 units with a sales value of around RMB3.8 billion (S$0.8 billion), or more than double the sales value in Q3 2014.
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