CapitaLand's Q1 net profit falls 7.4% to S$295.6 million

Singapore

LOWER contributions from its China and Singapore residential projects, as well as lower writeback of impairments, took a toll on CapitaLand's first quarter results.

Its net profit for the three months ended March 31 fell 7.4 per cent to S$295.6 million.

This decline was mitigated by gains from asset recycling and revaluation of a property in China, the group said on Tuesday.

Revenue dropped 23.8 per cent to S$1.05 billion from the preceding year.

There were fewer residential units handed over compar…