ASIA'S resilient boom has been brought home to CapitaLand - literally, in the form of rocketing sales of residential property across the region. The property giant, which reported robust third-quarter results yesterday, has cashed in spectacularly on the demand for housing - with more to come.
Chief executive Liew Mun Leong said: 'Our core markets of Singapore, China and Australia continue to deliver sterling results. We continue to expand our footprint in growth markets like Vietnam, the Gulf Co-operation Council region and India.'
Chairman Richard Hu agreed, saying the group is in a 'good position to benefit from Asia's positive growth'.
'Our expansion in China, including second-tier cities, is bearing fruit as evidenced by the strong results.'
Mr Liew indicated that the firm is confident about the region's continuing prosperity, pointing out that CapitaLand has invested more than $8 billion in new businesses this year.
'As the region grows, our strong balance sheet and healthy earnings growth allow us to capitalise on investment opportunities that arise.'
The firm's net profit for the three months ended Sept 30 more than doubled to $563.9 million, powered by robust growth in China and Singapore.
Revenue jumped 25 per cent to $895.8 million, up from $718.7 million a year ago.
Included in CapitaLand's profit after tax and minority interests in the quarter were gains totalling $211.3 million from the sale of Savu Properties, Hotel Asia, Jiulong Mall and other investments.
Profit from jointly controlled entities leapt 778.6 per cent to $278.1 million, mainly due to 'the share of fair value gain from the AIG Tower in Hong Kong and divestment gain from Somerset Baywater'.
The firm attributed the increased revenue largely to 'higher sales from China's development projects and revenue from Raffles City Shanghai'.
Its biggest revenue driver came from sales of homes in Singapore, China and other markets, which climbed 30 per cent to $664.5 million.
Revenue at its retail unit rose 56 per cent to $33.1 million in the third quarter, while sales from its commercial property business jumped 60 per cent to $49.1 million.
Earnings per share in the quarter rose to 20.1 cents from a restated 9.9 cents a year earlier, while net asset value per share rose from $2.65 to $3.32.
Profit after tax and minority interests for the first nine months was $2.1 billion, nearly four times higher than the same period last year.
If unrealised revaluation gains of $650.6 million are excluded, the group's profit after tax and minority interests was $1.4 billion, nearly three times more than last year.
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