CapitaMalls Asia's profits jumped 17.1% to $216.4m

Here's what boosted this growth.

In a release, CapitaMalls Asia Limited announced that it achieved profit after tax and minority interests (PATMI) of S$216.4 million (HK$1,315.0 million1) for 4Q 2013, up 17.1% compared to 4Q 2012. Operating PATMI for 4Q 2013 was S$60.9 million (HK$370.2 million), a 54.9% increase over the S$39.3 million (HK$239.0 million) for 4Q 2012.

PATMI for FY 2013 was S$600.0 million (HK$3,646.6 million), 9.9% higher than the S$546.0 million (HK$3,318.5 million) for FY 2012. The total PATMI comprised operating PATMI of S$246.3 million (HK$1,496.7 million), portfolio gain of S$25.3 million (HK$154.1 million) and revaluation gain of S$328.4 million (HK$1,995.9 million).

The operating PATMI for FY 2013 of S$246.3 million was 40.1% higher than the S$175.8 million (HK$1,068.3 million) for FY 2012.

This was largely due to the opening of The Star Vista; higher contributions from the acquisitions of stakes in four CapitaMalls2in Japan; commencement of profit recognition for units sold in Bedok Residences; and higher contributions from three Singapore CapitaMalls3which resumed full operations after major asset enhancements.

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