SINGAPORE: CapitaLand announced a 35.4 per cent rise in net profit to S$218.3 million for its first quarter ended March 31 from S$161.3 million a year ago, mainly due to the fair value gain from the divestment of a property in China, Somerset ZhongGuanCun Beijing.
Operating net profit for the quarter dipped 1.6 per cent to S$152.8 million, the developer said on Wednesday.
Excluding the gains from the change in use of properties year-on-year in the first quarter, operating net profit grew 10.6 per cent from higher contributions from development projects in China, new contribution from CapitaGreen, and better operating performance for the shopping mall and serviced residence businesses.
