TWO property companies - OUE and Fragrance Group - have flagged guidance of losses made in the first six months of this year. Read more at The Business Times.
TWO property companies - OUE and Fragrance Group - have flagged guidance of losses made in the first six months of this year.
OUE said that, following a preliminary review of its unaudited financial results for the first half ended June 30, the group is expected to record a loss attributable to shareholders for the first half, reversing from a net profit of S$61.9 million recorded a year ago. The loss for H1 2020 is due mainly to the fair-value loss booked on disposal of about S$310 million in relation to the sale of the US Bank Tower and Westlawn Garage in Los Angeles, California.
The loss expected to be recorded for H1 2020 is also due to the adverse impact of the Covid-19 outbreak on the group, taking into account the tenant-support measures that the group has put into place for eligible tenants, including rental reliefs, rent deferment, rental rebates and flexible-payment schemes, as well as weaker performance from the hospitality division.
OUE will provide further details on the group’s financial performance when it releases its results by Aug 14.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Portfolio valuation, Covid impact leads to Hongkong Land's US$1.8b H1 net lossPROPERTY developer and investment company Hongkong Land on Wednesday announced that it made a net loss of US$1.8 billion in its first half ended June 30, compared to a net profit of US$411 million a year ago. Read more at The Business Times.
Read more »
Five Singapore listcos warn of losses; ISDN expects 50% rise in H1 profitSIX Singapore-listed companies on Tuesday separately issued profit guidances, with five warning of net losses. Read more at The Business Times.
Read more »
Singapore Airlines reports S$1.12 billion net loss in Q1 amid COVID-19 pandemicSINGAPORE: Singapore Airlines (SIA) on Wednesday (Jul 29) reported a S$1.12 billion net loss in the first quarter after drastically cutting ...
Read more »
Canon reports first ever quarterly loss, cuts dividendJapan's Canon Inc said on Tuesday it suffered the first quarterly net loss since it started quarterly disclosures in 2001, as the coronavirus ...
Read more »