Net income declined to S$142.9 million ($113.3 million) in the three months ended Dec. 31, from S$262.7 million a year earlier, the Singapore-based developer said in a stock exchange statement today. Revenue slid 2.3 percent to S$1.09 billion. Profit for the year ended Dec. 31 fell 8.7 percent to S$849.8 million while operating profit rose 43 percent to S$527.7 million, the company said.

“Operating profit was below our expectations,” said Vikrant Pandey, an analyst at UOB Kay Hian Pte in Singapore. He estimated operating profit at S$596 million for the period.

The decrease in revenue was primarily because of the deconsolidation of Australand and lower revenue from Singapore development projects, CapitaLand said in the statement.

The developer raised A$426.4 million ($385 million) by selling a third of its 59 percent stake in Australand in November. The loss on the sale was S$120.8 million, it said today. CapitaLand sold 109 residential units in the island state in the quarter compared with 352 in the same period a year ago.

A man walks past a billboard advertising CapitaLand Ltd.'s Bedok Residences in Singapore.

Singapore’s fourth-quarter home prices slid for the first time in almost two years, trimming annual gains to the smallest since 2008 as mortgage curbs cooled prices in the Southeast Asian city. Housing values gained 1.1 percent in 2013, the smallest annual increase since prices slid 4.7 percent in 2008.

Singapore Home Demand

Demand and prices for Singapore homes is expected to further moderate in 2014 because of the impact of the mortgage curbs and concerns over interest rate increases, the company said in the statement.

The developer sold 611 home units in China in the quarter, the developer said today. Its two core markets of Singapore and China accounted for 88 percent of the group’s profit before interest and tax in 2013, it said.

CapitaLand bought a residential site in China’s Ningbo city for S$232 million and plans to build about 1,100 small and medium-sized units, the developer said on Jan. 23. The developer along with CapitaMalls Asia Ltd. and CapitaMall Trust sold Westgate Tower, a Singapore office building, for S$579 million, it said last month.

CapitaLand shares were unchanged at S$2.94 at the close of Singapore trading yesterday.

To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

http://www.bloomberg.com/news/2014-02-18/capitaland-quarterly-profit-falls-46-percent-on-australand-sale.html

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