CapitaLand reported on Wednesday that its net profit for the second quarter rose 4.4 percent on-year to S$605.52 million, mainly on contributions from newly acquired or opened investment properties in Singapore, China and Germany, and revaluation gains on its investment property portfolio.
That was partially offset by lower portfolio gains and contributions form its residential business, it said.
Revenue rose 35.3 percent on-year in the quarter ended 30 June to S$1.342 billion, on the higher handover of residential units in China, rental revenue from newly acquired and opened properties in Singapore, China and Germany as well as the consolidation of revenue from CapitaLand Mall Trust (CMT), CapitaLand Retail China Trust (CRCT) and RCS Trust (RCST) with effect from August 2017, CapitaLand said.
The consolidation of the three trusts increased second quarter revenue by $$259.4 million, but it didn’t change net profit, it said.
It added that the development projects contributing to revenue in the second quarter were Century Park West in Chengdu, New Horizon in Shanghai, as well as Sky Habitat in Singapore.
Singapore and China accounted for 74.8 percent of revenue in the quarter, compared with 74.5 percent in the year-earlier quarter, it said.
For revaluation of investment properties, CapitaLand posted a net fair value gain of S$620.1 million in the quarter, up from S$422.9 million in the year-earlier quarter.
For the first half, CapitaLand said net profit fell 5.0 percent on-year to S$924.6 million, while revenue rose 43.8 percent on-year to S$1.89 billion. Excluding the gain from the sale of The Nassim in the year-earlier period, net profit for the first half would have risen 13.9 percent on-year, it said.