SINGAPORE - CapitaLand posted an 89 per cent drop in net profit to $96.6 million for the six months ended June 30, 2020 from $875.4 million a year ago.
CapitaLand's residential sales offices were forced to close, non-essential retail trades were unable to operate, and the occupancy of its lodging assets fell due to travel restrictions, it said. Tenant support measures in various markets, including government-mandated landlord obligations and the group's own initiatives, were also a factor.Revenue for H1 fell 4.9 per cent to $2.03 billion, from $2.13 billion a year ago. This was mainly due to about $158.
No dividend was declared for the half year, unchanged from a year ago. CapitaLand pays only first and finalCapitaLand's group chief executive Lee Chee Koon said the company's balance sheet"remains in a strong position" and its long-term growth strategy is"intact".
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