CapitaLand profit rises after restating Q1 2010 income

CapitaLand Ltd, Southeast Asia’s biggest developer, said first-quarter net income rose more than three times after it restated last year’s earnings. Net income increased to S$101.5 million ($82m) in the three months ended March 31, from the restated S$29.8m a year earlier, the Singapore-based company said today in a statement to the city-state’s stock exchange. CapitaLand restated last year’s results to comply with an accounting policy that became effective January 1, it said. Last year’s first-quarter net profit, before it was restated, was S$115.4m.

Revenue climbed 39 per cent to S$611.5m from a year earlier because of higher contributions from residential, commercial and industrial projects in Singapore, China and Australia, the company said. The three markets accounted for 96 per cent of the company’s earnings before interest and taxes in the first quarter, CapitaLand said. Ascott, the company’s serviced residence unit, plans to invest S$1 billion in Asia and Europe this year and is set to achieve 40,000 apartment units globally by 2015, Liew Mun Leong, chief executive officer of CapitaLand, said in the statement.