SINGAPORE: Real estate group CapitaLand reported an 89 per cent drop in its net profit in the first half of the year, due to the impact of the COVID-19 pandemic.
CapitaLand’s profit after taxes and minority interests for 1H 2020 was S$96.6 million, down from S$875.4 million in the same period in 2019, the company said in a news release on Friday .Operating PATMI, which refers to profit from business operations excluding any gains or losses from divestments, revaluations and impairments, was S$261.2 million, a 27.7 per cent drop year-on-year.“This was mainly due to rental rebates of approximately S$158.
This decline was partially mitigated by higher handover of residential units in Vietnam and new contributions from the Ascendas-Singbridge portfolio, CapitaLand added.
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