CDL to report full-year loss; Deloitte completes Sincere review

Singapore

CITY Developments Ltd (CDL) expects to sink into the red in 2020 with a full-year loss, reversing from a S$564.6 million net profit in 2019, dragged by the prolonged impact of the coronavirus outbreak.

It foresees more impairment losses, and British unit Millennium & Copthorne Hotels (M&C) and China-based joint venture (JV) Sincere Property Group are set to spill some red ink. Meanwhile, Deloitte & Touche Financial Advisory Services has completed its review into CDL's investment in Sincere and "ascertained that there are good assets that the group can extract further value (from)", CDL said on Monday.