SINGAPORE, April 24 (Reuters) - CapitaLand, Southeast Asia's largest developer, said on Friday first quarter net profit fell 83 percent and warned that it may book losses on investment properties under development in the next quarter.
"We do not expect a quick and sharp turnaround in global property markets," CapitaLand CEO Liew Mun Leong said in a statement.
The firm, whose largest shareholder is state investor Temasek , said that due to revisions in Singapore accounting law, it will have to revalue investment properties under development at the half year with "downside risk to capital values".
The company added, however, that it was in a strong position to weather the global recession and take advantage of investment opportunities that may arise as it had S$5.5 billion in cash and low net debt-to-equity ratio of 0.32.
CapitaLand earned S$42.9 million in the three months ended March, down from S$247.5 million a year earlier, due to weaker home sales in its main markets of Singapore, China and Australia as well as lower earnings from serviced residences.
Shares of CapitaLand fell 9.5 percent in the first quarter compared with a 3.5 percent drop in the benchmark Straits Times Index .
Analysts expect CapitaLand to post a 62 percent fall in net profit to about S$475 million this year due to slower home sales and a drop in the value of its investment properties, according to the median forecast of 21 analysts polled by Thomson Reuters.
Please disable your advertisement blocker!
Sila mematikan Penyekat iklan anda!
请禁用您的广告拦截！
Hãy vô hiệu hóa chặn quảng cáo của bạn!
โปรดปิดใช้งานการป้องกันการโฆษณาของคุณ
ကျေးဇူးပြု၍ သင့်ကြော်ငြာပိတ်ဆို့ခြင်းကို ပိတ်ပါ။
광고 차단기를 비활성화하십시오!
Main Menu >
Stocks, FX & Crypto Forum >
CapitaLand profit falls 83%
1
) 
Find all Topics Started by ship
Find all Posts by ship
Follow / Unfollow
PM ship
25-Apr 2009 Saturday
12:11 AM (5911 days ago)
0 Likes
Like
