CapitaLand's net profit plunges 39.5% to $247.7m in Q4

Due to the absence of a divestment gain.

Singapore’s largest property developer reported that its net profit crashed 39.5% to $247.7m in the fourth quarter, bringing its full-year net profit to $1.07 billion.

The decline was due to the absence of a divestment gain. The group booked a one-off gain of $123.5 million after the sale of Westgate Tower in the same quarter last year.

The group’s full-year operating profit stood at $823.6m in FY15, 16.8% higher year-on-year. The increase was on back of higher recurring income from the shopping mall and serviced residence businesses as well as gains on the change in use of development properties for sale to investment properties.

Group revenue increased 21.3% to $4.76b in FY 2015, driven mainly by development projects in China as well as higher rental revenue from the serviced residence business.

CapitaLand declared a dividend of 9 Singapore cents per share in FY15.