CAPITAMALLS Asia (CMA), an owner, operator and developer of 60 shopping malls across Asia, has turned in a dazzling maiden set of financial results.
CMA – which is developing another 26 malls – was listed on the Singapore Exchange in November last year. It posted a 236 per cent surge in net profits to $388 million for the year ended Dec 31.
CMA said the strong results were attributable to a range of factors, including better-than-expected performances at its malls and the recognition of profits from sales of units at The Orchard Residences.
Full-year revenue rose 11.6 per cent to $228.9 million.
The results also reflected an overall increase of $178 million in its portfolio value in the year under review.
For instance, ION Orchard was revalued up to $402 million as of Dec 31. This helped offset valuation losses of $8 million from Clarke Quay, $109 million from one-north and $79 million from CapitaMall Trust, in which CMA has a stake.
Last year, it opened 11 malls – nine in China, its first in India and ION here. Net property income grew by 24.8 per cent to $747.4 million.
About one-third of this growth is fuelled by these new malls, particularly those in China, said CMA chief executive Lim Beng Chee.
That, coupled with strong growth in China’s retail sector, means CMA will focus on China again this year.
The price of CMA remained unchanged, closing at $2.25 yesterday.
Source : Straits Times – 4 Feb 2010
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