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22 Feb '11, 5am

CapitaLand full year net profit up 21% on-year

SINGAPORE: Property developer CapitaLand achieved net profit of S$1.27 billion for the full year ended December 31, a 21 per cent rise on-year. This marks the fifth consecutive year that CapitaLand has delivered net profit exceeding S$1 billion. The firm said the strong performance was due to contributions across the Group's businesses in the core markets of Singapore, China and Australia. It also came on the back of sales of residential and commercial projects, higher fair value gains for investment properties, and lower impairment charges. The property giant also reported a better-than-expected fourth quarter net profit of S$552.1 million although the figure was was 41.1 per cent lower from a year ago. The net profit figure is higher than the average of S$231 million estimate from several analysts polled by the media. The decline in fourth quarter profit was due to small...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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