CapitaMalls Asia Q3 Net Profit Rises 4%

SINGAPORE -- Shopping-mall developer CapitaMalls Asia said Wednesday its third-quarter net profit rose 4 per cent as higher contributions from its affiliated real-estate investment trust offset lower property-management revenues, the Dow Jones news agency reported.

Net profit for the three months ended September was S$64.8 million, rising from S$62.4 million a year earlier, the company said in a statement. Higher contributions from CapitaMall Trust helped, as did the opening of new malls held by the developer’s China funds, it said.

Revenue for the quarter, however, fell 10.1 per cent to S$91.8 million. This was mainly because CapitaMalls Asia opened fewer malls in China this year compared with 2012, resulting in lower property-management fees, it said.

The developer reported a 13.4 per ent increase in revenue under management to S$526.8 million.

“The key markets that CMA operates in namely, Singapore, China and Malaysia, are expected to perform well in 2013, on the back of sustained tenant sales growth,” CapitaMalls Asia said in the statement. “The malls that opened in 2012 will progressively contribute meaningfully to earnings.”

CapitaMalls Asia, a unit of Singapore real-estate group CapitaLand, has a portfolio of 103 retail properties across Asia.