CapitaLand Q1 profit down 19% on absence of one-time gain

Singapore

EARNINGS for CapitaLand, one of the largest real estate companies in Asia, fell in the first quarter despite a rise in revenue, due to the absence of a one-time gain.

Net profit for the three months ended March 31 fell 18.8 per cent to S$319.09 million.

Excluding the gain from the sale of The Nassim in the first quarter of last year, operating net profit would have increased by 25 per cent to S$228.7 million on the back of higher development profits in Singapore and higher rental income from malls and offic…