CMA posts 2.8% rise in Q1 profit

Singapore

CAPITAMALLS Asia (CMA) posted a 2.8 per cent increase in first-quarter net profit to $75.3 million from $73.2 million. Revenue rose 4.8 per cent year-on-year to $125 million. This growth in revenue was mainly driven by higher property income from Olinas Mall in Japan and operating malls in China.

At the same time, higher property management fees from Singapore boosted the topline as well, because of the opening of Bedok Mall and Westgate in December last year. The results of CMA's first quarter in 2013 were restated to reflect the consolidation of CapitaMalls Malaysia Trust's results. This, however, had no impact on the group's profit after tax and minority interest (Patmi).