CapitaLand sank into the red with a net loss of $1.67 billion for the second half, after earnings of $1.26 billion a year earlier.
This was mainly due to the revaluation of investment properties and a $2.49 billion impairment of projects and equity investments which are non-cash in nature, the property giant said yesterday.
Loss per share stood at 32.4 cents for the six months to Dec 31, from earnings per share of 25 cents a year earlier.
Revenue rose 9.8 per cent to $4.51 billion, mainly due to a higher handover of units from residential projects in China and Vietnam.
The increase was partially offset by lower rental revenue from CapitaLand's investment property portfolio amid the Covid-19 pandemic.
The group also extended tenant support relief measures by way of rental rebates, mainly in Singapore, China and Malaysia.
The group saw a 66.1 per cent drop in other operating income to $369.8 million.
Other operating expenses widened to $2.19 billion, from $72.4 million a year earlier.
These comprised $1.53 billion in fair-value losses of investment properties held through subsidiaries, a $593.6 million impairment of investments in Hong Kong, Australia, the United States, Britain and Indonesia, as well as recognition of the Singapore Government's rental relief passed down to tenants amounting to $32.9 million.
CapitaLand said the fair-value and impairment losses are non-cash in nature and principally stemmed from the extraordinary events relating to the pandemic that materially adversely affected the group's business during the year.
The firm racked up a net loss of $1.57 billion for the full year, from a net profit of $2.14 billion.
Revenue was up 4.8 per cent to $6.53 billion.
The board has proposed a final dividend of nine cents a share for the full year, down from 12 cents in 2019.
CapitaLand shares closed up 1 per cent at $3.15 yesterday.
THE BUSINESS TIMES