Singapore Land Group recorded a net profit attributable to equity holders (“PATMI”) of S$92.2 million in the first half of 2021, bouncing back from a S$34.3 million loss in the same period last year, despite a revenue decrease of S$43.1 million (13 per cent).
The ongoing COVID-19 situation inevitably impacted the Group’s various business segments, resulting in a decrease in revenue from residential property sales and hotel operations. Technology operations also saw a drop in revenue due to backlog in order delivery due to global supply constraints.
The Group recorded a fair value gain on its investment properties (net of non-controlling interests), amounting to S$2.6 million, versus a fair value loss of S$117.8 million in the first half of last year.
Share of results of joint ventures grew by S$18.8 million mainly due to the recognition of progress of development for The Tre Ver residential project. In addition, the Group’s joint ventures recorded a fair value gain on investment properties of S$0.2 million, versus the S$11.0 million loss in the corresponding period last year.
Looking ahead, robust demand globally and accelerating vaccination rates are expected to help Singapore rebound from the impact caused by the COVID-19 pandemic. With a differentiated global economic recovery across countries and sectors, we anticipate a varying pace of recovery across asset classes within our portfolio.
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