Capitaland: 4Q rev was approx $1.1b +17.3% yoy with net profit at $476.6m -20.0% yoy. FY11 rev at $3.0b -10.8% with net profit at $1.1b -25.8% yoy. FY2010 figures were restated due to adoption of FRS115.
Co recorded 4Q11 fair value gains of $172.9m compared to $94.9m prev yr. Revaluation gains from associates came in at $158.6m compared to $238.5m prev yr. Portfolio gains of $110.8m ($266.7m in 4Q 2010) for the quarter also include divestment of Corporation Place and a plot in Shanghai.
The increase in rev was due to development project in Sg, China, Australia and Vietnam. Rev from malls were also higher but lower from service residences and fees. Revenue from Ascott mainly saw a drop due to the divestment of New Minzhong Leyuan to CRCT in 2Q and Ascott Beijing to the Ascott China fund in 3Q.
Co’s overseas rev was approx 64.4% of total rev up from 51.5% prev yr, with China and Australia being the main contributors.
A total dividend of 8.0c has been declared (6.0c final, 2.0c special). At current NAV of $3.51, Capitaland is trading at approx 0.83x P/B
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