CapitaLand's Q4 profit surges on strong operating income

Singapore

PROPERTY developer CapitaLand ended 2016 on a strong note with a 73.8 per cent surge in net profit to S$430.5 million for the fourth quarter ended Dec 31.

The growth was led by more handover of residential units in China and shopping malls in China, higher fair value gains on revaluation of investment properties as well as lower impairments.

This brought the group's full-year net profit to S$1.19 billion, an 11.7 per cent increase from a year ago, on the back of improved operating performance. A record 12,789 homes were sold by CapitaLand last year.

Group CEO and president Lim Ming Yan pointed out that the fiscal 2016's operating Patmi (profit after tax and minority interests) of S$865.3 million - 5.1 per cent higher than 2015's - was t…