By P.R. Venkat

CapitaLand Ltd. swung to loss in the past year as the Covid-19 pandemic saw revaluation losses of investment properties and the impairment of projects.

Net loss during the year ended 2020 came in at 1.57 billion Singapore dollars (US$1.19 billion), while revenue grew 4.8% to S$6.53 billion, the Southeast Asia's largest property company by assets said Wednesday.

The company booked total revaluation losses and impairment of close to S$2.5 billion, which is non-cash in nature.

"Despite a challenging 2020, CapitaLand remains operationally profitable and financially strong, which underpin our continuing ability to distribute returns to our shareholders," said the company's chairman, Ng Kee Choe.

The company said that its balance sheet remains strong and its cash flow position will help tide it through the ongoing pandemic.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

02-23-21 1745ET