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CapitaLand's Q4 profit surges to S$409.4m

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Revenue rose 67.2 per cent year on year to S$1.52 billion on the back of recognition from the sale of office strata units in Westgate Tower during the quarter.

REAL estate group CapitaLand's net profit for the fourth quarter ended Dec 31, 2014, surged to S$409.36 million from S$142.64 million a year ago.

This was due to improved operating Patmi, higher revaluation gains from investment properties and lower portfolio losses, partially offset by higher impairments.

Revenue rose 67.2 per cent year on year to S$1.52 billion on the back of recognition from the sale of office strata units in Westgate Tower during the quarter. In addition, higher revenue from its shopping mall and serviced residence businesses and development projects in Singapore also boosted the topline.

Earnings per share came to 9.6 Singapore cents, nearly tripling from 3.3 cents in Q4 2013.

For the full financial year, net profit rose 38.2 per cent to S$1.16 billion while revenue climbed 11.8 per cent year on year to S$3.92 billion.

A dividend of nine Singapore cents per share has been proposed.