Property developer GuocoLand has reported a net loss of S$2 million for the half year ended 31 December 2008.
This compared to its net profit of S$60.6 million recorded in the same period last year.
The group said there was an unrealised translation loss of S$22.1 million.
This was due mainly to the revaluation of US$300 million worth of bank loans, as the greenback appreciated against the Singapore currency.
GuocoLand also expects the volatility in the existing operating environment to affect the group’s performance for the financial year ending 30 June 2009.
It said it will continue to adopt measures to protect its cash flow and strengthen its financial position.
Source : Channel NewsAsia – 6 Feb 2009