CapitaLand records $1.57b net loss in FY2020

This is due to revaluation losses and impairments.

CapitaLand Limited has posted a net loss of around $1.57b for FY2020, which is mainly attributed to revaluation of investment properties, and impairment of projects and equity investments, the group announced.

The revaluation losses were limited to a few assets most impacted by COVID-19, whilst the rest of CapitaLand’s portfolio remained resilient.

Operating profit after tax and minority interests for FY2020 fell 27.2% YoY to $770m. Revenue for the same period rose 4.8% YoY to $6.5b.

“Despite a challenging 2020, CapitaLand remains operationally profitable and financially strong, which underpin our continuing ability to distribute returns to our shareholders,” CapitaLand Limited chairman Ng Kee Choe said.