SINGAPORE (Aug 12): This year, CapitaLand held its 2QFY2019 and 1HFY2019 results briefing in the atrium of Funan (before the shops opened) instead of the auditorium at Capital Tower. Top management had ditched their suits and ties for a more informal look.
Few analysts expressed surprise at the lower reported earnings and revenue as the company had cautioned that Ascendas-Singbridge would only be consolidated in July. All that would show up in 1HFY2019 were likely to be the cost of acquiring ASB.
True enough, for 1HFY2019, CapitaLand’s profit after tax and minority interest (Patmi) dropped 5.3% y-o-y to $875.4 million, and Patmi for 2QFY2019 fell 4.2% y-o-y to $579.8 million. An announcement stated that this was mainly attributed to the one-off transaction cost of $36 million incurred for ASB in 2QFY2019.