A man walks past a CapitaLand advert in Singapore
Singapore's biggest property company CapitaLand said Tuesday its second quarter net profit more than quadrupled to a record S$912.6 million (US$604.37 million) on the back of robust sales and valuation gains in its business portfolio.
The Singapore property developer, also ranked the largest in Southeast Asia, said for the six months to June it earned a record net profit of S$1.5 billion, up more than five times the year-earlier S$286.7 million.
"The exceptional performance was achieved on the back of fair value gains in respect of the investment properties portfolio, higher profits from development projects and higher portfolio gains," CapitaLand said in a statement.
Revenues were boosted by higher sales at its development projects in China and CapitaLand expects overseas markets to remain the drivers of future growth.
"Going forward, the group's prospects will be underpinned by our expanding overseas geographic footprint, even as we seek opportunities in Singapore's firm property market," said president and chief executive Liew Mun Leong.
"We will be focused as a major developer of residential, retail, commercial and integrated developments and rapidly extend our lead in the serviced residences business," he said.
CapitaLand said overseas revenues accounted for almost 70 percent of total sales in the first half of the year, compared with nearly 65 percent in the same period in 2006. - AFP
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