CapitaLand (CATL.SI), Southeast Asia’s largest property developer, reported a three-fold increase in first quarter net profit over restated earnings, helped by higher profits from development projects and portfolio gains.
CapitaLand, about 40%-owned by Singapore state investor Temasek (TEM.UL), earned $101.5 million net profit in the three months ended March, up from $29.8 million a year ago.
The firm’s revenue in January-March was $611.5 million, 39% higher than a year ago due to higher contributions from its development projects in Singapore, China and Australia.
CapitaLand restated its 2010 earnings downwards to make them comparable with its first quarter results that adopted a new accounting standard that took effect Jan 1.
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