Capitaland, Financial Results

Capitaland, Financial Results

CapitaLand H1 profit plunges 89% to S$96.6m on Covid-19 restrictions, tenant support

CapitaLand H1 profit plunges 89% to S$96.6m on Covid-19 restrictions, tenant support

7/8/2020 3:32:00 AM

CapitaLand H1 profit plunges 89% to S$96.6m on Covid-19 restrictions, tenant support

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. Read more at The Business Times.

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.

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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.

Earnings per share stood at 1.9 Singapore cents for the half year, down from 21 cents a year ago. Read more: The Business Times »

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