Asian real estate behemoth CapitaLand's net profit for its third quarter dropped 7.8 per cent to S$333.9 million from S$362.2 million a year ago mainly due to lower portfolio gains, the group said in a Singapore Exchange filing on Tuesday morning.ASIAN real estate behemoth CapitaLand's net profit for its third quarter dropped 7.8 per cent to S$333.9 million from S$362.
This was partially mitigated by a higher operating profit after tax and minority interest, which was mainly due to the maiden contribution from Ascendas-Singbridge, better contributions from China development projects and fee income from Vietnam. With the completion of its acquisition of Ascendas-Singbridge on June 28, Raffles City Chongqing became a subsidiary of CapitaLand. Ascendas-Singbridge and Raffles City Chongqing combined contributed S$35.2 million to the group's net profit and S$205.3 million to its revenue.
For the three months ended Sept 30, revenue jumped 37.1 per cent to S$1.73 billion from S$1.26 billion in the previous year, mainly due to higher contributions from China development projects, contributions from Ascendas-Singbridge and CapitaLand's multifamily portfolio in the US.The residential projects contributing to revenue were The Metropolis in Kunshan, China; Sky Habitat in Singapore; and Mulberry Lane in Vietnam, said CapitaLand.
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