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CapitaLand Q4 profit down 40%, impairments announced

Earnings slide mostly due to lower fair value gains and boost in previous profit from disposal of Westgate Tower

Singapore

CAPITALAND'S fourth-quarter net profit fell 39.5 per cent to S$247.7 million, mainly due to lower fair value gains from the revaluation of investment properties and an absence of disposal gains from Westgate Tower.

Net profit for the full year ended Dec 31, 2015 slipped 8.2 per cent to S$1.1 billion.

The real estate juggernaut had booked a one-off gain of S$123.5 million from the sale of Westgate Tower in Q4 2014.

Excluding this, net profit would have fallen by a milder 13 per cent, while operating net profit, which fell 12 per cent to S$249.2 million, would have risen 56 per cent instead, it said at a briefing on Wednesday.

President and group CEO Lim Ming Yan said: "Our business is such...

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