CapitaMalls Asia, a unit of Southeast Asia’s biggest developer, said third-quarter profit rose 14% as its retail business benefits from Asia’s economic growth.

Net income rose to $68 million from $59.6 million a year earlier, the company said in a statement to the Singapore stock exchange today. Revenue under management gained 5% to $325.6 million, it said.

“Economic growth remains strong in our two largest markets, Singapore and China,” Liew Mun Leong, chairman of CapitaMalls, said in the statement. “To tap on this growth, we will continue to grow our shopping mall portfolio through selective and strategic acquisitions.”

The company, which operates shopping malls in markets including Singapore, Japan, China, India and Malaysia, benefited as consumer spending gained across Asia, after the global economy recovered from recession.

Retail sales excluding motor vehicles in Singapore, where CapitaMalls operates 18 malls, rose at the fastest pace in three months in August, while those in China, where it has 51 properties, jumped 19 percent in September, according to government data from both countries released this month.

Singapore-based CapitaMalls closed unchanged at $2.14. The stock has lost 16% this year, compared with the 8% gain in the Singapore benchmark stock index.

“With our strong balance sheet, cash position and growth opportunities in Asia, we remain confident of achieving our target of investing between $800 million to $1 billion in new projects in the second half of this year,” CapitaMalls Chief Executive Officer Lim Beng Chee said in the same statement.

The company took its CapitaMalls Malaysia Trust public in July, becoming that country’s second-largest property trust. CapitaMalls owns the ION Orchard retail development along Singapore’s shopping belt.

CapitaMalls Asia registered profit after tax and minority interests (PATMI) of $68 million for 3Q 2010, 14% higher than the $59.6 million for 3Q 2009. Revenue under management was $325.6 million for 3Q 2010, 5% higher than the $309 million for 3Q 2009.

Earnings before interest and tax (EBIT) came in at $77.1 million for 3Q 2010. Net Property Income was $230.2 million for the first nine months of 2010, 27% higher than the $181.3 million for YTD 2009. This was supported by higher gross turnover and shopper traffic across the entire portfolio of malls.

The successful listing of CapitaMalls Malaysia Trust in July has enabled CapitaMalls Asia to recycle its capital in the three shopping malls in Malaysia for new investments, as well as created both a fee income business in the country and a listed vehicle for holding mature and stabilised assets. This augurs well for CapitaMalls Asia to further grow its business in Malaysia. Together with the divestment of Clarke Quay to CapitaMall Trust, CapitaMalls Asia is in a strong cash position of $1.4 billion as at end-September 2010.