Real estate operator City Developments (CDL) is expecting a net loss of up to $35 million for 1HFY21, a reversal from the $3.1 million net profit logged the year before, the company said in a profit guidance on Aug 6.

CDL has also penciled a 25% to 30% drop in its pre-tax profit from the $13.8 million posted in 1HFY20, due to higher net financing costs, foreign exchange losses and lower divestment gains.

1HFY20 also saw the recognition of $17.6 million in deferred tax credits, which was part of the New Zealand government’s Covid-19 business continuity package.

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