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Mapletree delivers record net profit for FY2017
MAPLETREE Investments said on Wednesday that it has delivered a record net profit of S$1.4 billion for the fiscal year ended March 31, 2017, up 46.5 per cent from a year ago due to strong recurring earnings, investment and other gains.
The group, which owns and manages a property portfolio worth S$39.5 billion, generated an overall revenue of S$2.3 billion, up 23.9 per cent from a year ago. Recurring net profit stood at S$643.6 million, up 21.6 per cent.
The improved performance was driven by its acquisitions in Vietnam, the US, the United Kingdom and Australia. The group also completed its properties previously under development. These included Mapletree Business City II in Singapore and Mapletree Logistics Hub Tsing Yi in Hong Kong. Further boost was provided by contributions from its four managed real estate investment trusts in Singapore.