Southeast Asia's largest property developer, CapitaLand, on Wednesday announced that it had seen a 11.7 percent increase in full year profit, but is warning of "uncertain" and "unpredictable" conditions ahead.
The company oversees a global portfolio of assets worth 78 billion Singapore dollars (about $54.86 billion).
"CapitaLand has remained resilient and delivered a good set of results for the financial year," CapitaLand Chairman Ng Kee Choe, said in a company filing.
"Nonetheless, we face an uncertain and unpredictable operating environment and economic headwinds in Singapore and China, our core markets," he said.
CapitaLand said an improved operating performance helped it post a total profit after tax and minority interests (PATMI) in fiscal year 2016 of $1.19 billion Singapore dollars, which was 11.7 percent higher than the previous year.
The group's revenue for the fiscal year rose by 10.3 percent — driven by development projects in Singapore and China, the commercial portfolio in Singapore and the serviced residence business.
For the fourth quarter of FY 2016, PATMI reached 430.5 million Singapore dollars, a gain of 73.8 percent.