Feb 14, 2014

    CapitaMalls Asia Q4 earnings up 17%

    CAPITAMALLS Asia (CMA) posted a net profit of S$216.36 million for the fourth quarter ended Dec 31 last year, up 17.1 per cent from S$184.84 million a year ago.

    Revenue fell 8.7 per cent to S$103.68 million due to lower leasing commission and project-management fees from China as fewer malls opened last year, as compared to 2012.

    The share of results for associates and jointly controlled entities came to S$175.7 million.

    Mr Lim Beng Chee, chief executive of CMA, said that the better performance was largely thanks to the acquisitions of stakes in four malls in Japan - Olinas Mall and La Park Mizue in Tokyo, Izumiya Hirakata in Osaka and Coop Kobe Nishinomiya-Higashi in Hyogo.

    The opening of The Star Vista mall in Buona Vista as well as the start of profit recognition from units sold at the Bedok Residences condo also helped to lift earnings for the quarter, he said.

    For the full year, net profit grew 9.9 per cent at S$600.01 million, while revenue was up 5.3 per cent to S$380.42 million.

    Earnings per share (EPS) for the quarter was 5.6 Singapore cents, up 16.7 per cent from 4.8 cents the previous year. For the full year, EPS was at 15.4 Singapore cents, up from 14 cents a year ago.

    Looking ahead, the key markets that CMA operates in - Singapore, China and Malaysia - are expected to perform well this year on the back of sustained tenant sales growth.

    "This year, we target to open four malls: Two each in China - CapitaMall SKY+ in Guangzhou and CapitaMall Tianfu in Chengdu - and India (in Hyderabad and Mangalore)," Mr Lim said.

    A final dividend of 1.75 Singapore cents per share has been proposed.

    CMA's shares closed half a cent up at $1.825 yesterday.