CapitaLand Q1 profit surges 77.2% to S$386.8m

IMPROVED operating performance, including the sale of 45 units of The Nassim, and higher portfolio gains gave a lift to CapitaLand Limited's results in its first quarter.

Net profit rocketed 77.2 per cent to S$386.8 million from the preceding year, the group said in a Singapore Exchange filing on Wednesday morning.

For the three months ended March 31, revenue edged up 0.4 per cent to S$897.5 million from the preceding year. The rise in revenue due to more handovers from its development projects in China and rental contribution from newly acquired properties were offset by lower revenue from development projects in Singapore, it said.

The development projects which contributed to the revenue in China in the first quarter included One iPark in Shenzhen, Riverfront in Hangzhou, Vista Garden in Guangzhou and Summit Era in Ningbo.

Earnings per share on a fully diluted basis came in at 8.5 Singapore cents from 4.9 Singapore cents in the previous year.

Net asset value per share for the group was S$4.16 as at March 31, from S$4.15 three months ago.