SINGAPORE (Aug 8): CapitaLand posted 2Q18 earnings of $605.5 million, 4.4% higher as compared to a year ago, mainly due to higher contributions from newly acquired and opened investment properties in Singapore, China and Germany, and revaluation gains from its portfolio of investment properties.
The 2Q18 results bring 1H18 earnings to $924.6 million. Excluding the gain from the sale of The Nassim, earnings for 1H18 increased 13.9% compared to 1H17.
Group revenue for the quarter increased 35.3% to $1.3 billion on the back of higher handover of residential units in China, rental revenue from newly acquired and opened properties in Singapore, China and Germany, as well as the consolidation of revenue from three REITs with effect from August 2017. The development projects which contributed to the revenue this quarter were Century Park West in Chengdu, New Horizon in Shanghai, as well as Sky Habitat in Singapore.