CapitaMalls Asia says it has posted profit after tax and minority interests (PATMI) of S$388 million for FY2009, in its first reported results since its listing on Nov 25.

Earnings before interest and tax (EBIT) were $521 million for FY2009, 74% higher than the $300 million for FY2008. Revenue under management was $1,615 million for FY2009, 50% higher than the $1,078 million for FY2008.

CapitaMalls Asia saw an increase of nearly $178 million in the valuation of its properties between end-2008 and end-2009. A large part of this was contributed by the revaluation of ION Orchard, which was valued at $3,950 psf at end-2009, and partially offset by the downward valuations (which were recognised on 30 June 2009) of One-North and the portfolio of CapitaMall Trust, and assets in Japan and India.

In 2009, CapitaMalls Asia opened a total of 11 malls. These were ION Orchard in Singapore; nine malls in China, including Raffles City Beijing; and its first mall in India — Forum Value Mall in Bangalore. CapitaMalls Asia also carried out asset enhancement works at Raffles City Singapore; two of its malls in Malaysia, Mines Shopping Fair in Selangor and Sungei Wang Plaza in Kuala Lumpur; as well as at Chitose Mall in Hokkaido, Japan.