Less completed and delivered units from Chinese projects dragged revenue down.
CapitaLand suffered headaches as its profits slumped 37.8% YoY from $430.53m to $267.73m in Q4. However, its whole-year profit jumped 30.3% YoY to $1.55b.
According to its financial statement, revenue in Q4 fell 34.6% to $1.21b mainly due to lower completion and handover of units from development projects in China. This was partially offset by higher contributions from development projects in Singapore and rental revenue from new properties.
Portfolio gains in Q4 also plunged by 86.4% from $47.8m to merely $6.5m after the sale of Keisha Limited shares.
Its markets in Singapore and China accounted for 74.5% of the whole revenue, slightly lower than 87.2% last year.
CapitaLand's earnings in Singapore grew by $103.4m mainly due to the consolidation of CapitaMall Trust (CMT) and RCS Trust (RCST). The move also caused rental income to grow.
Earnings in China dropped by $152.9m due to the lower handover of units for development projects and lower portfolio and fair value gains.
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