| NEWS ARCHIVES |
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| CapitaMalls Asia says Q4 profit came in at $170 million |
| 3 Feb 2010 |
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In its first reported earnings since listing in November last year, CapitaMalls Asia says its fourth quarter net profit came in at $170 million.
This was on the back of a 3.2 percent increase in revenue to $66 million.
The firm's full year revenue rose 11.6 percent to $229 million.
CapitaMalls Asia saw an increase of nearly $178 million in the valuation of its properties between the end of 2008 and the end of 2009.
A large part of this was contributed by the revaluation of ION Orchard, which was valued at $3,950 dollars per square foot at the end of last year.
This was partially offset by the downward valuations of One-North and the portfolio of CapitaMall Trust, and assets in Japan and India.
In the whole of 2009, CapitaMalls Asia opened 11 malls including ION Orchard, Raffles City Beijing and its first mall in India - Forum Value Mall in Bangalore.
Chairman of CapitaMalls Asia, Liew Mun Leong, says the firm's focus for the next few years is on reinvesting capital for expansion, to strengthen its leadership position.
It is developing 26 new malls in Singapore, China and India, which will open over the next few years.
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