SINGAPORE, Oct 30 (Reuters) - 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)