CapitaLand, Southeast Asia’s biggest developer, on Thursday posted its first quarterly loss since 2003 due to writedowns on investments and said the outlook for 2009 was uncertain.
CapitaLand, which is 40 percent held by Singapore state investor Temasek, reported a net loss of S$156.9 million ($108.4 million) for the three months ended June 30 compared with a net profit of S$515.2 million a year earlier.
Its bottomline was hit by writedowns and impairment charges at Australian unit Australand, as well as the drop in the value of real estate held by Singapore property trusts CapitaCommercial Trust and CapitaMall Trust.
“Although some stability has been restored in the financial markets, the outlook for 2009 remains uncertain,” CapitaLand Chairman Richard Hu said in a statement.
Excluding revaluations and impairments, CapitaLand said it made a net profit of S$124 million for the quarter.