CapitaLand's net profit down 11.8% to $161.3m in Q1

Due to discontinued operations.

CapitaLand reported that its total profit after tax and minority interest (PATMI) declined 11.8% year-on-year to $161.3m in the first quarter.

Total PATMI for the quarter included PATMI from discontinued operation of $35.4m, which consisted of profit contribution from Australand as well as gain of $19.1 million from the sale of 39.1% stake in Australand.

Excluding this, the Group’s PATMI from continuing operations rose 9.4% year-on-year, on back of contribution from the increased stake in CapitaMalls Asia as well as portfolio gains in the quarter, partially offset by lower revaluation gains from investment properties

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