Today CapitaMall closed higher at $1.86 with normal VOL of 5.84 million shares traded.
Currently this counter is displaying a chart pattern called ascending triangle.
Method to trade this pattern: BUY if CapitaMall BREAK OUT above the important resistance of $1.88 at HIGH VOL. Do monitor this counter in next week if interested
SINGAPORE (Dow Jones)--Singapore property developer CapitaMalls Asia Ltd. (JS8.SG) said Wednesday its net profit for the quarter ended March 31 increased by more than ninefold from a year earlier, driven by higher rental from its shopping malls and fee contributions from its management businesses.
The company reported a first quarter net profit of S$96.8 million, up from S$10.3 million a year earlier in its first full quarterly results since its public spinoff from sponsor group CapitaLand Ltd. (C31.SG) last November.
CapitaMalls Asia, in a statement, said revenue for the period was S$74.6 million from S$52.9 million.
The higher profit figure came as the result of profit recognition from the sale of the Orchard Residence apartments, contributions from its ION Orchard shopping mall and fair value gains on the revaluations of its Clarke Quay property in Singapore and its recently acquired Tianfu Mall property in China.
CapitaMalls Asia in February announced plans to sell its Clarke Quay site for S$268 million to CapitaMall Trust Ltd. (C38U.SG).
"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." said Liew Mun Leong, Chairman of CapitaMalls Asia.
CapitaMalls Asia's initial public offering--completed in November--was Singapore's largest since Singapore Telecommunications Ltd.'s (Z74.SG) listing in 1993, raising S$2.8 billion.
Net property income from operation malls grew 27% from a year earlier to S$234 million in the first quarter, driven mostly by the company's Singapore portfolio.
The developer earlier this week said it expects to have Chinese assets account for 40% of its portfolio in the future. It also expects the proportion of assets based in Singapore to fall to 40% from 52% currently.
The developer said China currently makes up 30% of its S$6.5 billion portfolio.
CapitaMalls Asia said its acquisitions of the Meili and Tianfu malls in Chengdu, China, in the first quarter will help increase its presence in that country.
It currently has 51 properties in China of which 34 are operational and another 17 are under development. It plans to open another five malls in China by the end of the year.
The company reported a first quarter net profit of S$96.8 million, up from S$10.3 million a year earlier in its first full quarterly results since its public spinoff from sponsor group CapitaLand Ltd. (C31.SG) last November.
CapitaMalls Asia, in a statement, said revenue for the period was S$74.6 million from S$52.9 million.
The higher profit figure came as the result of profit recognition from the sale of the Orchard Residence apartments, contributions from its ION Orchard shopping mall and fair value gains on the revaluations of its Clarke Quay property in Singapore and its recently acquired Tianfu Mall property in China.
CapitaMalls Asia in February announced plans to sell its Clarke Quay site for S$268 million to CapitaMall Trust Ltd. (C38U.SG).
"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." said Liew Mun Leong, Chairman of CapitaMalls Asia.
CapitaMalls Asia's initial public offering--completed in November--was Singapore's largest since Singapore Telecommunications Ltd.'s (Z74.SG) listing in 1993, raising S$2.8 billion.
Net property income from operation malls grew 27% from a year earlier to S$234 million in the first quarter, driven mostly by the company's Singapore portfolio.
The developer earlier this week said it expects to have Chinese assets account for 40% of its portfolio in the future. It also expects the proportion of assets based in Singapore to fall to 40% from 52% currently.
The developer said China currently makes up 30% of its S$6.5 billion portfolio.
CapitaMalls Asia said its acquisitions of the Meili and Tianfu malls in Chengdu, China, in the first quarter will help increase its presence in that country.
It currently has 51 properties in China of which 34 are operational and another 17 are under development. It plans to open another five malls in China by the end of the year.
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