Singapore's CapitaMalls Asia (CMAL.SI) posted on Thursday a doubling in second quarter net profit due to higher traffic at its shopping malls in China and revaluation gains.
CapitaMalls, the retail arm of Southeast Asia's biggest developer CapitaLand (CATL.SI), earned $164.9 million in the quarter ended June 2011, up from $82.1 million a year earlier.
Looking ahead, CapitaMalls said it expects robust retail sales growth to continue in China, helped by growing disposable income and increasing urbanisation in Tier 2 and 3 cities.
In Singapore, strong GDP growth and low unemployment coupled with a boom in tourism will boost retail sales.
Thursday, July 21, 2011
CapitaMalls Q2 net profit doubles on revaluation gains
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