CapitaLand achieves S$580.7m net profit for the first nine months of 2011

Group revenue stood at S$1,960.5 million for the nine months ended 30 September 2011.

According to a release, CapitaLand Limited has recorded a net profit of S$580.7 million for the first nine months of 2011, compared with the restated net profit of S$829.6 million and the previously reported S$751.1 million in the same period last year. Group revenue stood at S$1,960.5 million for the nine months ended 30 September 2011. The revenue for 3Q2011 was S$608.6 million.

Last year’s figures were due to strong revenue from the Group’s development projects. The restated year-to-date September 2010 revenue included significant contributions from  The Seafront on Meyer and Latitude. Due to INT FRS115, revenue for units sold under the  deferred payment scheme for both projects were recognised in full in 3Q2010.

Excluding  the effects of these projects, the Group’s revenue for 3Q2011 was marginally lower due to
fewer projects being completed in China and Australia. However, the decrease in 3Q2011 was mitigated by revenue recognition from a development project in Vietnam, higher rental from shopping malls and higher fee-based income.

For the first nine months of 2011, the Group recorded a drop in Earnings before Interest and Tax (EBIT) to S$1,274.5 million when compared to the same period last year.