UOL's H1 reverses to S$82.1m net loss due to Covid-19 impact

Singapore

PROPERTY company UOL reversed to a net loss of S$82.1 million for its first half ended June 30, compared to a profit of S$267.7 million in the same period last year.

This was due mainly to fair value losses on its investment properties, including retail malls and serviced suites which were severely affected by Covid-19, it said. Expectations of rentals and revenue per available room (revpar) at these properties were lowered by appraisers as a result, although capitalisation rates stayed constant.