OUE Limited has guided that it expects to record a loss after tax for the FY2020 compared to profit after tax (PAT) of $321.8 million in FY2019 ended December.
The loss is mainly due to the overall net fair value losses on investment properties of some $435.4 million.
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Of the $435.4 million, some $298.9 million in fair value loss was registered in relation to the disposal of US Bank Tower, which was completed in September 2020.
The group also logged impairment losses on property, plant and equipment, and intangible assets based on impairment assessments as at Dec 31, 2020.
The loss is also attributable to the adverse impact of Covid-19, according to the group.
OUE will release its results on Feb 24.
As at 9.18am, shares in OUE are trading 2 cents lower or 1.8% down at $1.11.