Singapore  - Singapore's Capitaland, one of Asia's biggest property developers, on Thursday posted a net loss for the second quarter due to writedowns on its investments and said the outlook for 2009 was uncertain.

In the three months from March to June, Capitaland slipped into the red with a net loss of 156.9 million Singapore dollars (108.5 million US dollars), reversing a net profit of 515.2 million Singapore dollars for the same period 2008, the company said.

Capitaland attributed the loss to revaluations and impairments, mainly from a drop of value in its investments in Singapore and Australia.

"The weaker market valuations of real estate properties are an expected outcome of the ongoing financial crisis," said president and chief executive officer Liew Mun Leong in a statement.

Excluding revaluations and impairments Capitaland would have earned 124 million Singapore dollars in the second quarter, according to the statement.

Revenue for the second quarter slumped 28 per cent to 591.1 million Singapore dollars, compared to 820.1 million Singapore dollars a year ago.

Lower sales in Australia and Singapore were mitigated by higher sales in China and Vietnam, the company said.

"Although some stability has been restored in the financial markets, the outlook for 2009 remains uncertain," chairman Richard Hu said.

Largest shareholder of Capitaland is Singapore's state investor Temasek with a stake of 40 per cent. (dpa)