The Wall Street Journal, 26 Apr 2009, PATRICIA KOWSMANN
SINGAPORE -- As property prices in Singapore continue to tumble, one of the country's biggest developers posted disappointing earnings while another said it will raise capital to protect itself against the downturn.
CapitaLand Ltd., Southeast Asia's largest developer by market capitalization, reported first-quarter net profit of 42.9 million Singapore dollars (US$28.8 million), an 83% fall from S$247.5 million a year earlier, when the company recorded divestment gains of S$141.4 million. Revenue for the period fell 23% to S$487 million from S$631.3 million.
Analysts said the severity of the earnings decline suggests the property market in Singapore and in the rest of Asia is unlikely to recover this year.
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