February 20, 2013 / 11:36 PM / 5 years ago

Singapore's CapitaLand Q4 net profit down 45 pct

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)

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