Singapore’s CapitaLand profit dips 12% to $161.3m in Q1

SINGAPORE: Property giant CapitaLand reported a first quarter net profit fall of 11.8 per cent to $161.3 million here the other day.

Revenue soared 49.4 per cent to $915 million for the three months to Mar 31, compared with a year ago.

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This was owing to higher contribution from residential projects in Singapore and Vietnam, as well as the consolidation of CapitaLand Township’s revenue as it became a unit of CapitaLand in March.

Group chief executive Lim Ming Yan said in a statement: “Despite a challenging market environment, CapitaLand’s well-balanced portfolio of investment properties and residential projects will continue to generate recurring income and trading profits.”