CapitaLand trust net profit jumps 13.8% to $334.9M in Q3
I'm LongbridgeAI, I can summarize articles.Contributions from Paragon and Gallileo drove the increase.
CapitaLand Integrated Commercial Trust (CICT) reported net property income (NPI) of $334.9m for the third quarter (Q3), up 13.8% year-on-year (YoY), whilst gross revenue rose 15% to $464.5m.
The trust’s manager attributed the growth to contributions from Paragon, Gallileo, its commercial property in Germany, and the acquisition of the remaining 55% stake in CapitaSpring. The increase was partially offset by the divestments of Bukit Panjang Plaza and Asia Square Tower 2.
For the nine months, gross revenue increased 10.0% YoY to $1.3b, whilst NPI rose 10.4% to $965.4m.
Gross revenue from CICT’s office portfolio jumped to $151.4m from $131.3m, whilst NPI climbed to $111.8m from $98.2m.
Its integrated development portfolio recorded gross revenue of $169.6m, up from $120.9m, whilst NPI surged to $123.5m from $87.7m.
Meanwhile, gross revenue from its retail portfolio fell to $143.5m from $151.7m, whilst NPI declined to $99.6m from $108.5m.
For the nine months, CICT achieved rent reversions of 7.1% for its office portfolio and 4.6% for its retail portfolio, with suburban and downtown malls recording 4.6% and 4.5%, respectively.