Divestment-related gain buoys CapitaLand Q1 earnings

Singapore

SINGAPORE developer CapitaLand posted a 35.4 per cent increase in profit after tax and minority interests (Patmi) to S$218.3 million for the first quarter ended March 31, 2016, buoyed by a divestment-related gain.

Of the S$218.3 million, 70 per cent or S$152.8 million was operating Patmi while 29 per cent or S$62.6 million was a fair-value gain realised from the divestment of Somerset ZhongGuanCun Beijing, transaction of which is expected to be completed in the second quarter.

Revenue dipped 2.3 per cent to S$894.2 million mainly due to the…