Follow Singapore Immigration and Singapore Finance: Singapore real estate giant CapitaLand released its annual performance report on the 19th. In the 2013 fiscal year, the company achieved a net profit of 849.8 million Singapore dollars (approximately 674.4 million USD), a year-on-year decrease of 8.7%, which was below market expectations.
CapitaLand stated that the decline in net profit was mainly dragged down by the sale of a 20% stake in Australand last November, a transaction that recorded a one-time loss of 121 million Singapore dollars (approximately 9.603 million USD).
However, CapitaLand's operating revenue surged by 20.5% last year to 3.98 billion Singapore dollars (approximately 3.16 billion USD), and operating profit also rose significantly by 42.9% to 527.7 million Singapore dollars (approximately 418.8 million USD).
Singapore remains the largest source of operating revenue for CapitaLand. Last year, CapitaLand sold 1,260 residential units in Singapore, generating an operating revenue of 1.02 billion Singapore dollars (approximately 810 million USD). The Chinese market has become another major source of revenue. Last year, CapitaLand sold a total of 7,688 residential units in China, with operating revenue reaching 899 million Singapore dollars (approximately 713 million USD).
Lim Ming Yan, President and Group CEO of CapitaLand, said that the group will continue to expand its two core markets in Singapore and China in the future, while also focusing on developments in the Vietnamese market.
