SINGAPORE, Feb 21 (Reuters) - 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)