Hit on multi-fronts by the Covd-19 pandemic, Chip Eng Seng Corporation has reported losses of $81.1 million for FY2020 ended Dec 2020, a big swing from earnings of $33.3 million in the preceding FY2019. 

The company’s various businesses in property development, construction and hospitality all reported lower turnover. Revenue for FY2020 was $464.1 million, down 41.4% from $792 million recorded in the preceding year.

Besides the operational hit, the company wrote off some $11 million in fair value losses from its investment properties too.

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