By Ben Otto

CapitaLand's first-half net profit plummeted 89% as the Covid-19 pandemic caused revaluation losses and hurt its residential, retail and lodging businesses.

Net profit was 96.6 million Singapore dollars ($70.6 million) compared with S$875.4 million a year earlier, Singapore-based CapitaLand Ltd. said Friday.

The deterioration was largely due to fair-value losses at investment properties and lower contributions from retail and lodging, the company said.

Southeast Asia's largest property company by assets said revenue in the first half fell 4.9% to S$2.03 billion, partly due to rental rebates granted to tenants in Singapore, China and Malaysia.

"We are cautiously optimistic that the worst is over," CapitaLand said, though also warned of continued pressure on its business for the remainder of the year.

The company said that its balance sheet is strong and it is "on the lookout for attractive opportunities." 



  Write to Ben Otto at ben.otto@wsj.com