SINGAPORE Oct 30 CapitaLand Ltd,
Southeast Asia's largest property developer, said its
third-quarter net profit rose 85.1 percent, boosted by higher
operating income and portfolio gains.
CapitaLand, about 40 percent-owned by Singapore state
investor Temasek, earned S$148.5 million in
July-September, up from S$80.2 million a year ago.
It reported portfolio gains of $$75.0 million in the third
quarter, compared to S$34.9 million a year ago, mainly from the
divestment of Ascott Guangzhou and Ascott Raffles Place to
Ascott Residence Trust.
The property developer's revenue rose 12.9 percent to
S$686.9 million from a year ago, driven by higher revenue
recognised from development projects in Singapore, China and
Australia as well as strong contribution from the group's
shopping mall and fee-based income businesses.
"We do not expect a significant impact from these measures
on new home sales in the short term. However, we are monitoring
the situation closely," CapitaLand said, referring to measures
by Singapore to cool property prices.
Shares in CapitaLand, which competes with other property
developers such as City Developments Ltd, have surged
about 48 percent so far this year versus a nearly 15 percent
rise in the Straits Times Index.
(Reporting by Charmian Kok; Editing by Anshuman DAga)