The increase is due to higher operating revenues and profits from asset recycling.
CapitaLand's earnings rose 13.6% to $ 362.22 million in the third quarter from $ 318.8 million in 2017, a disclosure revealed. However, revenue declined by 16.9% to $ 1.26b from $ 1.52b.
The company posted the increase in higher operating earnings, which improved 13.3% to $ 233.7 million due to contributions from real estate investment in Singapore, China and Germany, as well as profits from property recycling information.
"CapitaLand's disciplined capital recycling continues to gain momentum," said Lee Chee Koon, Chairman and CEO of CapitaLand Group. "We have $ 4 billion in assets and we have raised capital to new investments of $ 6.1 billion so far this year."
He also added that his development projects The Cathedral at Kunshan, CapitaMall Westgate in Wuhan, Interlace and Sky Habitat in Singapore also contributed to increased profits.
Also read: CapitaLand Q2 wins 4.4% to $ 605.52m
However, revenue for the third quarter fell due to lower contributions from development projects to Singapore and China, according to its financial statement. These were partly offset by higher property revenues from newly acquired properties and contributions from CapitaLand Mall Trust (SMT), CapitaLand Retail China Trust (RCCT) and RCS Trust (RCST).
"Our moves are in line with our strategy of maintaining a balance between emerging and developed markets, while aiming at an optimal mix of commercial and investment properties," Lee added.
Meanwhile, CapitaLand EBIT reached $ 796.3 million in the third quarter, 0.2% higher than $ 794.7 million in 2017. This was due to recurring income from investment property and contribution of projects, Westgate's recovery of fair value and portfolio gains after the sale of 18 shopping centers in China.
"The markets of Singapore and China remain the key players in EBIT, accounting for 84.2% of total EBIT, from 83.5% in the third quarter of 2017," said CapitaLand.
The statement also highlighted that CapitaLand has bought a leading site in Ho Chi Minh City, Vietnam, which will yield 100 landings landed in Q3, as well as the first two residences in Guangzhou, China, of which 10% and 40% are expected to be recognized in Q4 of 2018.
Within the geopolitical issues arising from US and Chinese trade tensions, CapitaLand said it remains convinced that its diversified portfolio will allow the company to address macroeconomic uncertainties.
In Singapore, CapitaLand expects to launch two housing projects, the Pearl Bank in Chinatown and an area in Sengkang Central in 2019, which will yield a total of about 1,500 points in the disclosed statement. The company also plans to expand its trade footprint to Vietnam mainly through its residence platform.
CapitaLand saw its earnings increase by 4.4% to $ 605.52 million. In the second quarter, US $ 580.14 million was due to high take-up units in China and new properties that increased their revenue. Its revenue rose 35.5% to $ 1.43b.