CapitaLand profits fall 83% SINGAPORE - CAPITALAND, Southeast Asia's largest developer, said on Friday its first quarter net profit dropped 83 per cent from a year ago as property values fell across the region. The developer, whose largest shareholder is Singapore state investor Temasek with an 40 per cent stake, earned $42.9 million in the three months ended March, down from $247.5 million a year earlier. 'We do not expect a quick and sharp turnaround in global property markets,' CapitaLand CEO Liew Mun Leong said in a statement. Analysts expect CapitaLand to post a 62 per cent fall in net profit to about $485 million this year due to slower home sales and a drop in the value of its investment properties, according to the median forecast of analysts polled by Thomson Reuters. Shares of CapitaLand fell 9.5 per cent in the first quarter compared with a 3.5 per cent drop in the benchmark Straits Times Index. -- REUTERS