Singapore property developer CapitaLand said on Wednesday net profit in the first quarter fell 59 percent year-on-year to 247.5 million Singapore dollars (181.9 million US).
The decline came mainly from an absence of exceptional gains, said CapitaLand, the largest developer in Southeast Asia. Last year's first quarter profit of 608.1 million dollars included an exceptional gain of 426.8 million dollars from the sale of an office tower in the central business district, it said.
Revenue in the March quarter was 631.3 million dollars compared with 637.0 million dollars a year ago.
CapitaLand said it remained in a strong position to expand further in the region, despite widespread worries about the global economy stemming from a crisis which originated in the US sub-prime or higher-risk mortgage sector.
"The continuing global credit crunch would have, as expected, caused uncertainty in the general economic and business environment in Asia," said Richard Hu, chairman of CapitaLand.
"However, the group has strengthened its financial footing and is well-positioned to capitalise on any opportunities that may arise," he said.
Chief executive Liew Mun Leong said the company would continue to concentrate in Asia.
"We will continue our geographic growth and Asia focus as we believe that Asian economies will grow faster than the global average for the foreseeable future," he said.
CapitaLand sees "vast opportunities" in Vietnam, where it is building 6,000 residential units over the next three years, said Liew.
CapitaLand is 40 percent owned by Singapore's investment firm Temasek Holdings. - CNA/so
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