4Q10 results In Line. CapitaLand (CAPL) reported 4Q10 PATMI of S$522.1m, down 41.1% YoY, which also included portfolio gains of $223.4m due mainly from the divestment of Raffles City Changning and 28 serviced residence properties. Excluding divestment gains, 4Q10 results came in largely in line within our expectations. On an annual basis, PATMI increased 20.9% to $1,273m in FY10. Performance improved across the board; with the exception of CL Residential Singapore.
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