SINGAPORE (Feb 24): CapitaLand has reported a net loss of S$1.57 billion for FY2020 — its largest ever — as it wrote down some S$2.5 billion in value of its investment properties, projects, and equity investments impacted by the Covid-19 outbreak, including Jewel Changi Airport and ION Orchard. 

In contrast, it reported earnings of S$2.1 billion in the preceding FY2019.

The last time CapitaLand reported a full-year loss was for FY2001.

The property giant’s operating PATMI for FY2020 was S$769.9 million, down 27.2% y-o-y over FY2019. Including divestment gains and realised revaluation gains, cash PATMI for FY2020 was S$924 million. 

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