Singapore’s CapitaLand, Southeast Asia’s largest property developer, said on Friday its first-quarter profit dropped 1.7%, as lacklustre sales from its Singapore unit weighed on the company’s income.
CapitaLand reported a profit after tax and minority interest of $182.8 million for the quarter ended March 31. The company’s revenue fell 3.4% to $612.6 million, on a lower contribution from its Singapore operation, the company said in a statement.
CapitaLand, in which Singapore’s state investor Temasek Holdings owns a 41% stake, sourced 35% of its revenue from Singapore and 27% from China in 2013.
The company recently launched an offer worth $3.06 billion to take complete ownership of its 65-percent owned subsidiary CapitaMalls Asia.
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