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CapitaLand's 1Q earnings decrease 7.4% to $296 mil on lower contributions from Singapore & China markets

Michelle Zhu
Michelle Zhu4/30/2019 09:52 PM GMT+08  • 3 min read
CapitaLand's 1Q earnings decrease 7.4% to $296 mil on lower contributions from Singapore & China markets
SINGAPORE (April 30): CapitaLand reported earnings of $295.6 million for the 1Q ended March, down 7.4% from 1Q18 earnings of $319.1 million due to lower operating profit after tax and minority interests (PATMI) and lower the write-back of impairments.
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SINGAPORE (April 30): CapitaLand reported earnings of $295.6 million for the 1Q ended March, down 7.4% from 1Q18 earnings of $319.1 million due to lower operating profit after tax and minority interests (PATMI) and lower the write-back of impairments.

Revenue for the quarter declined by 23.8% to $1.05 billion from $1.38 billion a year ago due to lower revenue contributions from residential projects in Singapore and China, partially mitigated by the higher handover of residential units from Vietnam, as well as higher rental revenue from properties in the US and Europe which were acquired in 2018.

Due to the lower trading income from residential projects in Singapore and China, operating PATMI decreased 20.5% to $181.9 million from $228.7 million in 1Q18.

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