CAPITALAND LIMITED Singapore, 5 August 2014 - CapitaLand Limited achieved a 14.5% year-on-year increase in net profit to S$438.7 million for 2Q 2014. This was due to improved operating PATMI, higher revaluation gains from investment properties and write-back of impairments.
The Group's operating PATMI for 2Q 2014 rose 30.7% to S$136.5 million from the same period last year, driven by lower finance costs, higher development profits from China and higher contribution from the shopping mall business.
Group revenue was S$875.3 million for 2Q 2014, with Singapore and China accounting for
72.9%.
During the same period, the Group achieved Earnings before Interest and Tax (EBIT) of S$799.7 million. Singapore (48.5%) and China (30.1%) operations remained the key contributors to EBIT.
For 1H 2014, PATMI was S$621.5 million, up 9.2%, while operating PATMI grew 30.3% to
S$292.2 million.
FINANCIAL HIGHLIGHTS
2Q 2014 (S$ m) | 2Q 2013 Restated (S$ m) | Variance (%) | 1H 2014 | 1H 2013 (Restated) | Variance (%) | |
Revenue | 875.3 | 1,008.9 | (13.2) | 1,487.9 | 1,643.1 | (9.4) |
Earnings before interest and tax (EBIT) | 799.7 | 769.0 | 4.0 | 1,219.2 | 1,193.8 | 2.1 |
Total PATMI | 438.7 | 383.3 | 14.5 | 621.5 | 569.3 | 9.2 |
Operating PATMI | 136.5 | 104.4 | 30.7 | 292.2 | 224.3 | 30.3 |
Mr Lim Ming Yan, President & Group CEO of CapitaLand Limited, said: "CapitaLand has a well-balanced portfolio of investment properties and residential projects. This has provided us with an improved set of results despite the slowdown in the residential markets in Singapore and China. With a simplified organisational structure, CapitaLand is strategically positioned to leverage its strength in development, as well as management of integrated developments, shopping malls and serviced residences to capture the growth in Asia."
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The Group will continue to invest in well-located sites to grow its pipeline of integrated, residential and commercial developments in Singapore and China.
CMA will focus on opening new shopping malls in China and India in the coming months whilst continuing to improve the performance of its existing malls, and build the pipeline of malls under development which will provide the growth in future earnings.
For the serviced residence business, Ascott will continue to grow its fee-based income through securing more management contracts so as to scale up its global network.
CapitaLand is one of Asia's largest real estate companies. Headquartered and listed in Singapore, the company's businesses in real estate and real estate fund management are focused on its core markets of Singapore and China.
The company's diversified real estate portfolio primarily includes integrated developments, shopping malls, serviced residences, offices and homes. The company also has one of the largest real estate fund management businesses with assets located in Asia. CapitaLand leverages its significant asset base, real estate domain knowledge, product design and development capabilities, active capital management strategies and extensive market network to develop real estate products and services.
CapitaLand's listed real estate investment trusts are Ascott Residence Trust, CapitaCommercial Trust, CapitaMall Trust, CapitaMalls Malaysia Trust and CapitaRetail China Trust.
Analyst Contact Media Contact
Harold Woo Lorna Tan
SVP, Investor Relations SVP, Corporate Communications
Tel: +65 6713 2883 Tel: +65 6713 2861/ +65 9791 8597
Email: harold.woo@capitaland.com Email: lorna.tan@capitaland.com
For the full CapitaLand Limited Financial Statements announcement and slides, please visit our website www.capitaland.com.
This release may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, availability of real estate properties, competition from other companies and venues for the sale/distribution of goods and services, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes, and the continued availabi lity of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on future events.
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