CapitaMalls Asia records 1Q 2010 PATMI of S$96.8 million

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CapitaMalls Asia records 1Q 2010 PATMI of S$96.8 million

CapitaMalls Asia Limited announced that it posted profit after tax and minority interests (PATMI) of S$96.8 million for 1Q 2010, in its first quarterly results since its listing on 25 November 2009.

Revenue under management was S$452.9 million for 1Q 2010, 39% higher than the S$326.3 million for 1Q 2009.

Earnings before interest and tax (EBIT) were S$110.9 million for 1Q 2010, 174% higher than the S$40.5 million for 1Q 2009. This increase was primarily due to, among other things, profit recognition from the sale of The Orchard Residences 1 apartments in Singapore; profit contribution from fee management business; fair value gain on revaluation of Clarke Quay and Tianfu Mall in Chengdu, China; and contribution from ION Orchard in Singapore.

Liew Mun Leong, chairman, CapitaMalls Asia, said: “We achieved a strong first-quarter profit on the back of economic recovery in our key markets of Singapore, China and Malaysia. We currently have 61 operational malls and another 26 under development in 48 cities in five markets, namely Singapore, China, Malaysia, Japan and India. This year, Asia is expected to grow more than 8%, led by China and India. Against this backdrop of positive economic growth, we are confident that retail consumption will remain strong in all our key markets.”

Lim Beng Chee, ceo, CapitaMalls Asia, stated: “We are pleased with our first-quarter results. Our overall portfolio performed strongly – the net property income of our operational malls was S$234 million for 1Q 2010, 27% higher than the S$185 million for 1Q 2009, and our Singapore portfolio continued to be a major contributor.”

“In 1Q 2010, we opened Anyang Mall in China with a committed occupancy of 78%. Anyang Mall has Wal-Mart as anchor tenant, and serves a catchment population of about half a million people. We expect to open another two malls this quarter in Beijing and Harbin. We also started the process of monetising Clarke Quay in Singapore for capital recycling, and acquired Meili Mall and the Tianfu integrated development in Chengdu, China. This has expanded our portfolio in western China to 11 retail properties, of which eight are in Sichuan Province with a cluster of five in Chengdu.”

Source: CapitaMalls Asia Ltd

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