SINGAPORE – SINGAPORE property developer CapitaLand said Thursday it slipped into the red during the second quarter with a net loss of S$156.92 million.
This compared with a profit of S$515.2 million in the same quarter last year.
CapitaLand said the June quarter loss was due to revaluations and impairment provisions the property developer took during the period as valuations declined amid the ongoing global economic slump.
Excluding revaluations and impairment provisions, the property developer said it would have earned a net profit of S$124 million.
‘The weaker market valuations of real estate properties are an expected outcome of the ongoing financial crisis,’ said president and chief executive Liew Mun Leong in a statement.
CapitaLand was also affected by weaker revenues which slumped almost 28 per cent to S$591.14 million from a year ago partly because of lower sales in Singapore and Australia, the developer said in the statement.
‘Although some stability has been restored in the financial markets, the outlook for 2009 remains uncertain,’ said chairman Richard Hu. Continue reading
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