While the land prices soaring new highs, the Southeast Asia’s biggest developer CapitaLand reported a loss of 33 per cent in company’s net profit in comparison of the last year.

The profit for the third quarter of 2009 stood at S$281.3 million, which is down by 33 per cent as compared to the last year, when the company earned S$419.4 million.

“The results were pretty decent and we think the recovery in volumes will be sustainable”, said Lau Wei Chong, an analyst at AmFraser Securities Pte in Singapore who recommends buying the stock. “If we look beyond these numbers and at the core earnings, it’s up quite substantially”.

One George Street facilitated the company to increase the profit by S$441 million due to divestments in properties, last year.

While, the markets of Singapore, China and Australia showing signs of improvement, CapitaLand pointed that even the global economies is stabilising. 'While business conditions are improving', it remains vigilant, the officials pointed.

Disclosing future plans, the company claimed to raise the Chine resources to a high of 40 per cent in the next phase.