CAPITALAND posted an 89 per cent drop in net profit to S$96.6 million for the six months ended June 30, 2020 from S$875.4 million a year ago.
This was mainly due to the impact of Covid-19 measures on its residential, retail and lodging businesses, the real estate giant said in a regulatory filing on Friday. 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 S$2.03 billion, from S$2.13 billion a year ago. This was mainly due to about S$158.
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