By Ben Otto

CapitaLand Ltd. expects its net profit in the first half to plunge 85%-95% from a year earlier due partly to revaluation losses at two of its listed investments.

Southeast Asia's largest property company by assets said Monday that profit after tax and minority interests would fall from 875.4 million Singapore dollars (US$633.1 million) a year ago.

Its share of revaluation losses at CapitaLand Mall Trust and CapitaLand Commercial Trust in the quarter ended June amounted to S$159.9 million. The two trusts posted combined revaluation losses in the quarter of about S$553.9 million, CapitaLand said.

The Singapore-based company had previously said that net profit would be materially affected by challenges posed by the Covid-19 pandemic and cautious consumer sentiment. It plans to release first-half financial results on Aug. 7. 



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