CapitaLand net profit soared 241% in 1Q 2011

Net profit for the period jumped from $29.8 million to $101.5 million.

According to CapitaLand, their revenue for the 1st quarter of 2011 was $611.5 million, up 39% from $439.98 million in 1Q 2010.

The increase in revenue was mainly attributable to higher contribution from the Group's development projects in Singapore, China and Australia, partially offset by the absence of rental revenue from the shopping malls and serviced residences which were divested last year.

Cost of sales also increased but at a higher rate as the costs of projects sold in 1Q 2010 were relatively lower.

Other operating expenses were lower in 1Q 2011 mainly due to lower foreign exchange losses. The Group recorded a foreign exchange loss of $7.3 million in 1Q 2011 versus $23.8 million in 1Q 2010.

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