CapitaLand, Southeast Asia's biggest property developer, said Friday third quarter net profit more than doubled from a year earlier, boosted by contributions from investments in Singapore, China and Australia. Net profit of S$563.9 million compared with S$272.4 million in the same quarter last year, the company said in a statement to the stock exchange.
Revenue for the July-September quarter was S$895.8 million, up 25 percent from S$718.7 million a year ago.
For the nine months to September, earnings totalled S$2.08 billion which was nearly four times the S$559.2 million profit during the same period in 2006.
Revenue from January to September was S$2.5 billion, up 15 percent from a year ago.
"Our core markets of Singapore, China and Australia continue to deliver sterling results," said group president and chief executive Liew Mun Leong.
"We continue to expand our footprint in growth markets like Vietnam, the Gulf Cooperation Council region and India," he said, citing the firm's expertise in the residential, office retail mall and hospitality sectors.
Liew said CapitaLand has invested more than S$8.0 billion in new businesses worldwide.
"As the region grows, our strong balance sheet and healthy earnings growth allow us to capitalise on investment opportunities that arise," Liew said.
On Friday, CapitaLand shares rose 25 cents to close at S$8.05. - AFP/ch
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