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CapitaLand's H1 PATMI falls 5.3% YOY

CapitaLand Ltd.'s aggregate profit after tax and minority interests, or PATMI, in the first half decreased 5.3% year over year to S$875.4 million from S$924.6 million.

The Singapore-based property developer said its post-tax operating profit fell 14.9% to S$361.3 million from S$424.7 in the prior-year half primarily due to lower contributions from its residential developments in Singapore and China.

The company's first-half revenue annually declined 21.6% to about S$2.13 billion from S$2.72 billion, while its EBIT for the period dropped 5.8% to S$2.06 billion from the S$2.19 billion it posted in the first six months of 2018.

For the quarter ended June, CapitaLand's total PATMI amounted to S$579.8 million, down 4.2% from the S$605.5 million it logged a year ago. The company attributed the decline to the one-off transaction costs from its nearly S$6.04 billion takeover of Ascendas-Singbridge Group's holding companies.

During the quarter, the property group's operating PATMI fell 8.4% to S$179.5 million, while its revenue decreased by 19.3% to about S$1.08 billion.

Separately, CapitaLand appointed Miguel Ko nonexecutive deputy chairman and nonexecutive nonindependent director, effective Aug. 6. Ko is the CEO and an executive director of CLA Real Estate Holdings Pte. Ltd., formerly known as Ascendas-Singbridge Pte. Ltd.

As of Aug. 6, US$1 was equivalent to S$1.38.