SINGAPORE (THE BUSINESS TIMES) - Property developer Chip Eng Seng is expecting to report a FY2020 net loss in mid-February 2021 as opposed to its FY2019 net profit of S$32.6 million, due to the adverse impact of Covid-19 on its businesses.
The full year net loss incurred will be wider than the S$25.7 million net loss it reported for H1 2020, said the group in its profit warning issued on Monday (Jan 11).
In the property segment, Chip Eng Seng s ongoing development projects Grandeur Park Residences, Park Colonial, Parc Komo and Kopar at Newton were affected by the closure of their construction sites for several months in FY2020, which in turn dampened revenue recognition and progressive payments from property buyers.