{"id":118120,"date":"2020-08-07T09:45:14","date_gmt":"2020-08-07T02:45:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-profit-drops-89-in-1h-2020\/"},"modified":"2020-08-07T10:04:21","modified_gmt":"2020-08-07T03:04:21","slug":"capitaland-profit-drops-89-in-1h-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-profit-drops-89-in-1h-2020\/","title":{"rendered":"CapitaLand profit drops 89% in 1H 2020"},"content":{"rendered":"


\nWith COVID-19 pandemic adversely affecting its financial performance, CapitaLand Limited\u2019s profit after tax and minority interest (PATMI) plunged 89%, to $96.6 million in the first half of 2020 from $875.4 million over the same period last year.
\nOperating PATMI also declined 27.7% year-on-year to $261.2 million.\u00a0
\nIn an SGX filing, the company revealed that its revenue dipped 4.9% year-on-year to $2.03 billion in 1H 2020.
\nCapitaLand attributed the decline to the $158.6 million rental rebates granted to tenants in China, Malaysia and Singapore, as well as lower contributions from residential projects and shopping malls in China and Singapore and the group\u2019s lodging business.
\nThe drop was partially mitigated by new contributions from its Ascendas-Singbridge portfolio and higher handover of residential units in Vietnam.
\nThe residential projects that contributed to 1H 2020 revenue were mainly One Pearl Bank in Singapore, The Metropolis, Kunshan, Parc Botanica, Chengdu and Spring, Chongqing in China, as well as Feliz en Vista in Vietnam.
\nCollectively, the two core markets of China and Singapore accounted for 65.1% of CapitaLand\u2019s revenue, up from 64.8% in 1H 2019.
\nFor 1H 2020, earnings before interest and tax (EBIT) fell 71% year-on-year to $596.8 million, with China and Singapore markets remaining as key contributors, accounting for 74.1%.
\nLee Chee Koon, Group CEO of CapitaLand Group, noted that despite the impact of COVID-19, CapitaLand\u2019s balance sheet remains in a strong position, while its long-term growth strategy is intact.
\n\u201cWe are on an active lookout for counter cyclical opportunities that will strategically uplift CapitaLand\u2019s growth trajectory. Asset recycling remains a key driver for CapitaLand\u2019s return on equity and we will look to opportunistically divest non-core assets and businesses,\u201d he said.
\nLooking ahead, CapitaLand revealed plans to launch the remaining 806 units at One Pearl Bank and Sengkang Grand Residences given that the show galleries had already resumed operations under Phase 2 Safe Re-opening of Singapore\u2019s economy.
\n\u201cThe group also expects to launch its new residential project at Liang Court site in 2021,\u201d it added.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nEugenia Liew, Senior Digital Content Specialist at PropertyGuru, shared this story. To\u00a0reach out\u00a0or pitch\u00a0news stories, contact\u00a0eugenialiew@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CapitaLand profit drops 89% in 1H 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

With COVID-19 pandemic adversely affecting its financial performance, CapitaLand Limited\u2019s profit after tax and minority...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-118120","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-uJa","jetpack-related-posts":[{"id":106875,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-net-profit-drops-7-4-in-q1-2019\/","url_meta":{"origin":118120,"position":0},"title":"CapitaLand Net Profit Drops 7.4% In Q1 2019","date":"May 6, 2019","format":false,"excerpt":"\r Revenue also declined 23.8 percent to $1.048 billion, mainly due to lower contributions from residential projects.\u00a0 CapitaLand saw its net profit drop 7.4 percent to $295.6 million in the first quarter of 2019, from $319.1 million over the same period last year. The decline was attributed to lower operating\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":79734,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/pearlbank-apartments-sold-to-capitaland-for-728m\/","url_meta":{"origin":118120,"position":1},"title":"Pearlbank Apartments sold to CapitaLand for $728m","date":"February 13, 2018","format":false,"excerpt":"\r CapitaLand intends to redevelop the site into a high-rise residential development comprising around 800 units. (Photo: Colliers International) Pearlbank Apartments, a 37-storey development in Outram, has been sold via private treaty to CapitaLand for $728 million, following the close of its collective sale tender on 19 December 2017, revealed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33711,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-q3-net-profit-up-28-to-247-5-million\/","url_meta":{"origin":118120,"position":2},"title":"CapitaLand Q3 net profit up 28% to $247.5 million","date":"November 10, 2016","format":false,"excerpt":"\r Earnings grew on higher contributions from its residential business in China and Singapore. (Photo: CapitaLand) Property developer CapitaLand posted a total net profit of $247.5 million in the third quarter of 2016, up 28.4 percent from $192.7 million in the previous year, on the back of better operating performance.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112360,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/cdls-q3-profit-dragged-down-by-impairment-losses\/","url_meta":{"origin":118120,"position":3},"title":"CDL\u2019s Q3 profit dragged down by impairment losses","date":"November 14, 2019","format":false,"excerpt":"\r However, the group saw healthy residential sales in Singapore,\u00a0with total sales amounting to $2.56 billion. City Developments Limited\u2019s (CDL) profit after tax and minority interest (PATMI) fell 33.7% in the third quarter of 2019 to $115 million, on the back of impairment losses from two hotels and transactions costs\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86932,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-net-profit-down-18-8-on-absence-of-one-off-gain\/","url_meta":{"origin":118120,"position":4},"title":"CapitaLand net profit down 18.8% on absence of one-off gain","date":"May 2, 2018","format":false,"excerpt":"\r Net profit fell due to the absence of a $160.9 million gain from the sale of The Nassim a year ago. CapitaLand\u2019s net profit for the first quarter of 2018 fell 18.8 percent to $319.1 million, primarily due to the absence of a $160.9 million gain from the sale\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":71242,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-profit-up-28-1-in-q3\/","url_meta":{"origin":118120,"position":5},"title":"CapitaLand profit up 28.1% in Q3","date":"November 8, 2017","format":false,"excerpt":"\r Funan Mall redevelopment that cost $560m, targeted to be completed in Q4 of 2019. (Photo: Capitaland) CapitaLand saw its net profit for the third quarter of 2017 increase 28.1 percent to $317 million from $247.5 million over the same period last year. It attributed the hike primarily to fair\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118120"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=118120"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/118120\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=118120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=118120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=118120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}