19 Feb '14, 8am

CapitaLand's Q4 profit falls 45% on one-off loss.

Property giant CapitaLand reported a 45.6 percent decline in profit after tax and minority interest (PATMI) in Q4 2013, primarily due to a one-off loss on the sale of a stake in Australand. On a yearly basis, the group’s PATMI dropped 8.7 percent to $849.8 million from $930.3 million in 2012. Revenue also fell 2.3 percent in Q4 and 20.5 percent for the entire year. Meanwhile, sales of its residential units in Singapore nearly doubled in 2013 with a total of 1,260 units sold or a sales value of $2.44 billion. Revenue for CapitaLand Singapore climbed 7.8 percent last year to $1.02 billion “with revenue recognition from Bedok Residences , as well as stronger contribution from Sky Habitat and Urban Resort Condominium ”, the group said. Lim Ming Yan, President and Group CEO of CapitaLand, stated: “While FY2013 results were affected by several one-off losses, the overall busines...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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