City Developments (CDL) has reported a net loss after tax and minority interest of $32.1 million for the 1HFY2021 ended June, reversing from earnings of $3.1 million the year before.

"The impact of the prolonged Covid-19 pandemic and the resurgence of infections led by the Delta variant have been detrimental to the Group’s business segments to varying degrees,” says Kwek Leng Beng, executive chairman of CDL.

CDL had previously disclosed it expected net losses of up to $35 million in a profit guidance statement released on August 6.

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