Singapore’s property developer CapitaLand reported S$1.57bn ($1.19bn) in net losses for FY2020, down 26% YoY primarily on account of revaluation and impairment losses. Second half net loss was at S$1.67bn ($1.3bn) for the second half ended Dec 2020, from a net profit of S$1.26bn ($960mn) a year ago. They reported a ~S$2.5bn ($1.9bn) impairment of projects and equity investments. They noted that ‘the revaluation losses were limited to a few assets most impacted by COVID-19, while the rest of CapitaLand’s portfolio remained resilient’. Revenues rose 4.8% YoY due to higher handover from the residential projects in China and Vietnam, as well as full year consolidation of results for Raffles City Chongqing and the Ascendas-Singbridge (ASB) portfolio acquired in June 2019. The board proposed a final ordinary dividend of 9 cents a share for FY 2020. Ng Kee Choe, the Chairman, said: “Despite a challenging 2020, CapitaLand remains operationally profitable and financially strong”. CapitaLand’s bonds were stable with its SGD 3.8% 2024s at 108.1, yielding 1.4%.
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