Property developer CDL Investments' managing director BK Chiu says the company expects to make a loss for the first half of this year.
"Our results will depend on how many sales we are able to achieve in the next few months," he said.
CDL held its annual meeting of shareholders in Auckland today.
For the 2008 calendar year the company reported an operating profit after tax of $1.7 million, down from $15.1 million the previous year.
The company said the result reflected the "dramatically negative" residential property market.
CDL shares traded at 23c yesterday, up from 19c at the start of the month but down from a year-high of 39c last May.