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The group suffered from lower contributions from its malls and residential projects.
CapitaLand Limited saw its profit sink 89% YoY to $96.61m in H1 from $875.37m in H1 2019, an SGX filing revealed. Operating profit also crashed 27.7% YoY to $261.2m.
Revenue dipped 4.9% YoY to $2.03m, no thanks to rental rebates of approximately $158.6m granted to tenants in Singapore, China and Malaysia, and lower contributions from shopping malls and residential projects in Singapore and China and the group’s lodging business.
The decline was partially mitigated by higher handover of residential units in Vietnam and new contributions from the AscendasSingbridge portfolio.
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