CapitaLand profits down 7.8% to $333.93m in Q3

The absence of gains from divesting Westgate to CMT dragged down profits.

CapitaLand's profit after tax and minority interests (PATMI) fell 7.8% YoY to $333.93m in Q3 2019, the company announced. Revenue jumped 37.1% to $1.73b over the same period.

In 9M 2019, profit slipped 6% to $1.21b whilst revenue dipped 3% to $3.86b.

Also read: CapitaLand profits down 5.3% to $875.4m in H1

The fall in profits for the quarter was mainly attributed to the absence of a one-time gain of $99.2m from divesting Westgate to CapitaLand Mall Trust (CMT) in August 2018.

This was offset by a growth in PATMI by 18.8% to $277.6m, mainly from consolidating Ascendas Singbridge’s results, as well as receiving higher contributions from residential projects in China and one-off fee income from a Vietnam project.

The rise in revenue came mainly from higher contribution from residential projects in China, contributions from newly acquired ASB and multifamily portfolio in the USA. The two core markets of Singapore and China accounted for 67.3% of its revenue for the quarter.

Residential, commercial strata and urban development comprised 32.1% or $555.1m of the total revenue for the quarter. Investment properties, including commercial, retail, business park, logistics and industrial, as well as lodging properties, took up the remaining 67.9% or $1.17b of total.

The group has expressed plans to look into growing its fee from fund management, as well as its Lodging platform. Fee income from its REITs and funds rose 35% YoY $86.8m in Q3, and its lodging unit has secured more than 10,600 new units since the start of the year.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.
The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.
If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia