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CDL swings back into black with record $1.1 billion first-half profit

SINGAPORE (THE BUSINESS TIMES) – City Developments Limited (CDL) on Thursday (Aug 11) posted a record net profit of $1.1 billion for the first half ended June 30, reversing from a net loss of $32.1 million recorded in the same period last year.

This was mainly due to divestment gains from the sale of Millennium Hilton Seoul, as well as the gain from the group’s deconsolidation of CDL Hospitality Trusts (CDLHT), which resulted from the distribution in specie of CDLHT units in May 2022.

The $1.1 billion was the highest net profit achieved since CDL’s inception in 1963, it said in a press statement. The results translate to earnings per share of $1.235, against a loss per share of $0.042 in the corresponding period a year ago.

Revenue was up 23.5 per cent to $1.5 billion, from $1.2 billion mainly due to the hotel operations segment, although the group’s property development segment continued to lead contributions.

The CDL board has proposed a special interim dividend of 12 cents per share.

CDL shares closed five cents, or 0.6 per cent higher, at $8.25 on Wednesday.