Realty company CapitaLand on Thursday reported a 97 percent surge in second-quarter profit, helped by higher revaluation gains from investment properties in Singapore and China, coupled with portfolio gains.
Net profit jumped to S$579.3 million in the quarter from S$294 million a year earlier.
Revenue fell 12.3 percent to S$992.4 million in the quarter ended June 30 due to lower contribution from development projects in Singapore.
CapitaLand said the development projects that contributed to the revenue in the quarter included Victoria Park Villas in Singapore as well as Beaufort in Beijing and Summit Era in Ningbo, China.
The company has presence in over 30 countries, but considers Singapore and China as core markets, which accounted for about three quarters of the group's revenue.
Singapore EBIT was $420.9 million or 42.6 percent of total EBIT while China EBIT was $448.6 million or 45.4 percent of total EBIT.
The group has divested S$2.37 billion worth of assets and deployed S$2.04 billion to higher yielding ventures year-to-date.
It plans to deploy an additional S$1.64 billion for the redevelopment of Golden Shoe Car Park in Singapore.
Shares in the Singapore-listed firm fell 0.80 percent at S$3.73 as of 0410 GMT in a broader market that was down 0.13 percent. Stock has gained 24 percent so far this year.