CapitaLand reported earnings of $96.6 million for 1H20 ended June, 89% lower than the $875.4 million posted in 1H19.

The lower bottomline for the period translates to earnings per share (EPS) of 1.9 cents compared to the 21 cents a year ago.

Group revenue fell 4.9% y-o-y to $2.03 billion mainly due to rental rebates that amounted to some $158.6 million granted to tenants in Singapore, China, and Malaysia. The decline was also attributable to lower contributions from shopping malls and residential projects in Singapore and China, and the group’s lodging business.

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