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CapitaMalls Asia Q2 profit up 5.9%

SINGAPORE — CapitaMalls Asia (CMA) yesterday reported a 5.9-per-cent rise in its second-quarter profit from the corresponding period a year earlier, boosted by fair-value gains in ION Orchard and its properties in China as well as profit recognition for units sold in Bedok Residences.

SINGAPORE — CapitaMalls Asia (CMA) yesterday reported a 5.9-per-cent rise in its second-quarter profit from the corresponding period a year earlier, boosted by fair-value gains in ION Orchard and its properties in China as well as profit recognition for units sold in Bedok Residences.

Net profit in the three months ended June 30 was S$245.6 million, up from S$232 million in the year-earlier period, CMA said in an aftermarket regulatory filing.

Revenue jumped 25.2 per cent to S$93.4 million, mainly due to new contributions from The Star Vista in Buona Vista and Olinas Mall in Tokyo. Revenue under management jumped 22.4 per cent to S$519 million.

CMA said net profit for the first half was up 6.7 per cent at S$318.8 million as revenue jumped 27.1 per cent to S$184.9 million and revenue under management rose 22.3 per cent to S$1.02 billion.

CMA Chief Executive Lim Beng Chee said: “Our malls in the key markets of Singapore, China and Malaysia continued to grow in the first half of this year. Net property income of our China malls increased 12.1 per cent and total tenants’ sales on a same-mall basis grew 14.9 per cent.”

The company is optimistic over the retail sector in China, where it opened seven new malls in the first half. It said: “Boosting domestic consumption and moderating dependence on investments are the government’s key goals as it looks to raise minimum wages and enact redistributive tax reforms.”

About its home market Singapore, the company said: “As CMA malls are well-connected to public transportation networks and are strategically located either in large population catchments or within popular shopping and tourist destinations, CMA is positioned to ride out any downturn with our portfolio of quality shopping malls.”

CMA declared an interim dividend of 1.75 Singapore cents per share for the first half, 7.7 per cent higher than last year’s interim dividend.

It manages a portfolio of 103 malls across 52 cities in Singapore, China, Malaysia, Japan and India, with a total property value of about S$34 billion and total gross floor area of almost 96 million sq ft.

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