CapitaLand Ltd. (C31.SG) said Wednesday its net profit rose 77.2% on-year in the first quarter, mainly due to a one-time gain from the divestment of a property in Singapore.
The builder's net profit in the January-to-March quarter was 386.8 million Singapore dollars ($277.5 million), compared with S$218.3 million in the same period last year. Revenue rose 0.4% to S$897.5 million, CapitaLand said in a statement to Singapore Exchange.
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Net profit was boosted by divestment gains from the sale of its 100% stake in Nassim Hill Realty Pte Ltd. for S$411.6 million to developer Kheng Leong Co.
Property developer Nassim Hill built the low-rise luxury condominium "The Nassim" in Singapore and owned 45 units there.
The quarter's profit was also supported by higher property handovers from development projects in China, and higher portfolio gains, it said.
The developer said it will stay focused on its core markets in Singapore and China, and on the growth market of Vietnam.
Write to Saurabh Chaturvedi at Saurabh.Chaturvedi@wsj.com
(END) Dow Jones Newswires
April 25, 2017 20:06 ET (00:06 GMT)