CapitaLand 2Q09 Results Flash: PATMI of S$124.0m in line with expectations excluding revaluations and impairments

CapitaLand reported a PATMI of S$124.0m in 2Q2009 (excluding revaluations and impairments), a 163% increase compared to 1Q2009. Including aggregate losses on revaluations and impairments totalling S$280.9m taken in 2Q2009 related to the Singapore office portfolio (including CapitaLand's share of CapitaCommercial Trust's revaluation losses), real estate assets in Australia and the former Char Yong Gardens site in Singapore, the Group posted a 2Q2009 net loss after tax and minority interest of S$156.9 million. The 2Q09 PATMI of S$124.0m is in line with expectations excluding excluding revaluations and impairments.

Revenue and Earnings before Interest and Tax (EBIT) in 2Q2009 benefitted from higher sales in China and Vietnam. In China, the Group saw healthy sales of its residential projects, including the new launches in Beijing, Chengdu and Foshan. This contributed significantly to the 163% quarter-on-quarter increase in PATMI. In Vietnam, the Group continued to recognise sales for The Vista, a residential development in Ho Chi Minh City. These mitigated lower sales revenue from development projects in Australia and Singapore, absence of rental revenue from commercial properties which had been divested and lower operating performance of serviced residence properties.

Sponsored Links

Related Posts by Categories