CapitaMalls Asia profit jumped 9% in 2010

Profit after tax and minority interests came in at $421.9 million for FY2010.

According to CapitaLand, the PATMI was 9% higher than the $388.1 million for FY2009. Revenue under management was $1,359.1 million for FY2010, 6% higher than the $1,287.0 million for FY 2009.

Earnings before interest and tax were $472.4 million for FY 2010. Net Property Income was $934.6 million for FY 2010, 19% higher than the $793.4 million for FY 2009.

Mr Liew Mun Leong, Chairman of CapitaMalls Asia, said: “CapitaMalls Asia recorded a strong set of results in our first full year of operations since listing, tracking the robust economic growth in Asia, and capitalising on our proactive asset enhancement initiatives and capital management strategy. Asia’s increasing urbanisation and consumerism will continue to drive its strong economic performance. Our business is in this region, and we are well-positioned to ride on this growth. We intend to continue our focused expansion in our key markets of Singapore, China and Malaysia. Singapore is forecast to grow by 4% to 6% this year while China is expected to grow more than 9%. Malaysia’s economic growth is also projected to be more than 5%. As our focus remains on growth, we will continue to deploy our capital in a sustainable and growing manner. The Board has proposed a dividend of 2 cents per share for the financial year 2010, double our payout in 2009.”

Mr Lim Beng Chee, CEO of CapitaMalls Asia, said: “Our key markets of Singapore, China and Malaysia
performed strongly, driving Net Property Income growth of 19% across our portfolio last year. In
Singapore and China, our Net Property Income increased 21% and 18% and our malls are 99% and
about 97% occupied respectively. Our tenants’ Gross Turnover also grew 20% in China last year,
compared to 2009.”

“Last year, we committed a total investment of S$2.0 billion in six new projects and recycled about $500.0 million of capital through the monetisation of Clarke Quay to CapitaMall Trust and the listing of CapitaMalls Malaysia Trust. In Singapore, our win of the Bedok Town Centre site last September has strengthened our leadership position, and we will actively pursue the sites up for tender this year. We opened five malls in China last year and acquired four more to give us a total of 53 shopping malls across 34 cities in China, of which 38 are operational. We target to open another five malls in China this year.”

“The credit tightening measures in China have presented us with opportunities to buy shopping malls at more realistic prices. We target to acquire another S$2.0 billion of new projects this year, as part of our plan to double the number of our malls in China to 100 within three to five years.”