Realty company CapitaLand on Wednesday reported a 28 percent rise in third-quarter profit, helped by fair value and portfolio gains.
Net profit jumped to S$317 million in the three months ended September 30 from S$247.5 million a year earlier, it said in a regulatory filing.
Revenue gained 9.7 percent to S$1.5 billion in the quarter on account of higher contribution from development projects in Singapore, higher rental revenue from newly acquired and opened shopping malls and serviced residences.
CapitaLand said the fair value gains arose from Golden Shoe Car Park, the serviced residence component of Funan integrated development in Singapore and Citadines Biyun Shanghai in China while portfolio gains came from Wilkie Edge in Singapore, CapitaMall Anzhen in China and the 60 percent stake in CapitaLand Vietnam Commercial Fund I.
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.
CapitaLand said EBIT rose 60.5 percent to S$793.5 million in the third quarter. Singapore and China markets remained the key contributors to EBIT, accounting for 84.4 percent of total EBIT from 80.4 percent in the corresponding period last year.
Residential sales remained stable in Singapore with 108 units sold in the quarter, bringing the total number of residential units sold in so far this year to 293 with a sales value of S$1.15 billion, the company said.
Shares in the Singapore-listed firm fell 1.1 percent at S$3.68 in a broader market that was down 0.07 percent. Stock has gained 22 percent so far this year.