CapitaLand Q2 net profit up 97%

CAPITALAND Limited posted a net profit of S$579.3 million for the second quarter of 2017, a 97 per cent jump from a year ago.

This was thanks to better operating performance, higher revaluation gains from investment properties in Singapore and China, as well as higher portfolio gains arising mainly from the divestments of Innov Tower in China and 18 rental housing properties in Japan.

Revenue fell 12.3 per cent to S$992.4 million, mainly due to lower contribution from development projects in Singapore.

Earnings per share on a fully diluted basis was 12.5 Singapore cents, up from 6.5 Singapore cents a year ago.

No dividend was declared for the quarter.