SINGAPORE - Property giant CapitaLand's net profit almost doubled to $926.6 million for its fourth quarter ended Dec 31, 2019, from $475.7 million a year ago.
CapitaLand said in a filing that the 94.8 per cent rise in net profit for the quarter was mainly due to better operating performance, higher gains from asset recycling and revaluation of investment properties.Revenue for Q4 rose 46.3 per cent to $2.38 billion, from $1.62 billion a year ago, mainly due to the consolidation of Ascendas-Singbridge and Raffles City Chongqing, as well as higher contributions from Singapore and China malls and lodging properties in the US.
For the full year ended Dec 31, 2019, net profit was up 21.2 per cent to $2.14 billion, while revenue was up 11.3 per cent to $6.23 billion.