CapitaLand: 2Q Net Profit S$579.3M Vs S$294 Million a Year Ago

CapitaLand Ltd. (C31.SG) said Thursday its net profit nearly doubled on year in the second quarter, helped by improved operating performance, higher revaluation gains from properties and divestment income.

Net profit in the April-to-June quarter rose to 579.3 million Singapore dollars (US$425.8 million), from S$294 million in the same period of last year, the property developer said in a statement filed with Singapore Exchange.

Its revenue for the period, however, fell 12% on year to S$992.4 million mainly because of lower contributions from some projects in Singapore.

So far this year, CapitaLand said it has divested S$2.37 billion worth of assets.

"We will continue to reconstitute our portfolio by realizing value of optimized assets and to redeploy capital to higher yielding assets and ventures," Chief Executive Lim Ming Yan said.

Write to Saurabh Chaturvedi at

(END) Dow Jones Newswires

August 02, 2017 20:18 ET (00:18 GMT)