SINGAPORE (THE BUSINESS TIMES) - CapitaLand on Monday (July 6) said it expects the group's total profit after tax and minority interests (Patmi) for the six months ended June 30, 2020, to be "materially and adversely" impacted, based on preliminary estimates.
Operating Patmi - which refers to profit from business operations excluding any gains or losses from divestments, revaluations and impairments - is expected to reduce by 25 per cent to 35 per cent from $361.3 million for the first half of last year, the property group said.
Meanwhile, cash Patmi, comprising operating Patmi and portfolio gains, is expected to tumble by 40 per cent to 50 per cent from $496 million for the first half of 2019.
CapitaLand added that it has adopted annual valuation in December with effect from 2020. This means that any revaluation gains or losses on investment properties will only be recorded in its full-year results. For the first half of 2019, the group recorded revaluation gains of $379.4 million.
"Nevertheless, CapitaLand will continue to recognise its share of any revaluation gains or losses recorded and announced by its listed investments," it said.
The group expects to release its financial results for the first half-year in early August.
Shares in CapitaLand closed at $3.04 on Friday, up $0.03 or 1 per cent.