A net loss of 156.92 million Singapore dollars (108.76 million US) suffered by Singapore property developer CapitaLand, has made its condition weak, said the company on Thursday.

Last year during the same quarter, the company had posted a profit of 515.2 million dollars.

The blame for the June quarter loss was put on the revaluations and impairment provisions the property developer took during the period, since valuations decreased in the midst of the ongoing global economic slump.

CapitaLand said that it would have earned a net profit of 124 million dollars, if revaluations and impairment provisions were excluded.

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

The developer said through a statement: "CapitaLand was also affected by weaker revenues which slumped almost 28 percent to 591.14 million dollars from a year ago partly because of lower sales in Singapore and Australia."