CapitaLand Limited marked a 11.8 per cent fall in net profit for the first quarter ended March 31 to S$161.3 million as it stopped recognising contributions from Australand, an associate that was divested in March last year.
Its net profit from continuing operations, however, was 9.4 per cent higher than a year ago on the back of an increased stake in CapitaMalls Asia as well as portfolio gains in the first quarter, partially offset by lower revaluation gains from investment properties.
Revenue leapt 49.4 per cent to S$915 million, driven by higher contribution from the group's residential projects in Singapore and Vietnam. The growth was also due to the consolidation of CapitaLand Township's revenue into CapitaLand China as it became a wholly owned subsidiary of the group in March 2015. Higher rental revenue was achieved at its shopping mall and serviced residence businesses.
The two core markets of Singapore and China accounted for 78.9 per cent of the group's revenue.