CapitaLand’s net profit rose 5.8% to $464m in Q2

China property is the bright spot.

CapitaLand reported that its net profit grew 5.8% year-on-year to $464m in the second quarter, on back of fair value gains on its China properties.

The group’s operating profit surged by 87.6% to $256.1m during the quarter, mainly due to gains arising from the change in the use of development properties for sale in China, namely Towers 5&6 of The Paragon and Tower 3 of Raffles City Changning.

CapitaLand has changed its business plans for these projects from strata-sale to leasing as investment properties.

The group's revenue increased by 17.8% to $1.03b on the back of higher contribution from development projects in China, partially offset by lower revenue from development projects in Singapore and Vietnam.

In addition, the Group also recorded higher rental revenue from its shopping mall and serviced residence businesses during the quarter. Collectively, the two core markets of Singapore and China accounted for 79.6% of CapitaLand's revenue in the second quarter.

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