CapitaMalls Asia Ltd’s first-quarter net profit rose 9.6% from a year earlier as contributions from new properties offset the lack of one-off gains from asset revaluations, the shopping-mall developer said Thursday.
Net profit for the quarter ended March 31 rose to 73.2 million dollars from $66.8 million, the Singaporean company said in a statement.
Revenue for the period rose 29.1% to $91.5 million from $70.9 million.
In the statement, CapitaMalls Asia said its key markets of Singapore, China and Malaysia “are expected to perform well in 2013, on the back of healthy tenant sales growth. The malls that opened in 2012 will start to contribute meaningfully to earnings in 2013.”
CapitaMalls Asia has a portfolio of 102 retail properties worth $32.3 billion, located across five countries: China, India, Japan, Malaysia and Singapore.