CapitaLand (CATL.SI), Southeast Asia’s biggest property developer, reported a 43% fall in its third-quarter net profit on Friday — missing forecasts — due to lower rental from shopping malls.

CapitaLand, 39% owned by Singapore state investor Temasek (TEM.UL), earned $159.6 million in pre-exceptional net profit the three month ended September, down from $281.3 million a year ago.

The net profit was lower than $241.5 million average estimate of four analysts polled by Reuters.

 

"Revenue in the third quarter was lower due to a decrease in progressive revenue recognition from residential projects in Singapore and China as well as lower rental from our shopping malls," the company said in a statement.

 

CapitaLand shares have declined by 7.4% so far this year, underperforming the broader Singapore index <.FTSTI> which gained 8.5%.