SINGAPORE Feb 21 Singapore's CapitaLand Ltd
, Southeast Asia's largest property developer, reported
a 45 percent fall in fourth-quarter net profit, dragged down by
lower fair-value gains of properties.
Net profit of S$262.7 million ($212.4 million) for the three
months ended in December was down from S$476.6 million a year
earlier, CapitaLand said on Thursday.
Operating profits in the fourth quarter fell largely due to
lower contributions from several projects that were completed a
year earlier, the company added.
"Despite possible economic headwinds and the latest property
cooling measures in Singapore, the group, led by a strong
management team and armed with a robust balance sheet, is
confident of growing our business into the future," it said.
CapitaLand said earlier this week it will lead a joint
venture to develop a S$3.2 billion project in Malaysia's
Iskandar economic zone - its first direct large-scale township
investment and development in Singapore's neighbouring country.
($1 = 1.2368 Singapore dollars)
(Reporting by Eveline Danubrata; Editing by John O'Callaghan)