CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
The increase in return and final profit were driven by developed performance in the real property development segment, with complete revenue acknowledgment from its fully offered joint venture (JV) Executive Condo (EC) venture, Copen Grand, complying with its finalization in April 2025, and various other contributing jobs including The Myst, Norwood Grand, as well as JV plans CanningHill Piers, Tembusu Grand, The Orie and Kassia.
Lesser pre-tax profit of $139.9 million in 1H2025 was mainly as a result of a $63.1 million net forex loss and decreased divestment acquires. Excluding the exchange loss, 1H2025 pre-tax revenue would certainly have raised by 95.0% on a like-for-like basis. Patmi rose as a result of a reduced tax charge contrasted to the former year.
CDL’s NAV since June 30 was $10.10, down seven cents since Dec 31, 2024. Its share rate closed at $6.35 on Aug 12, up 24% this year.
The hotel operations segment disclosed a pre-tax loss of $84.4 million in 1H2025, largely as a result of a net foreign exchange decrease from the devaluation of the USD, inflationary expense pressures and weak efficiency in key industry like Singapore and the United States.
The financial investment properties segment reported stable profits with a 0.4% boost, supported by greater payments from Republic Plaza, Jungceylon Shopping Center, City Square Mall and the living field projects in the UK and Japan, countered by lower contributions from the Group’s UK commercial estates.
The property development segment remained the biggest revenue contributor with a 24.3% rise, driven by Singapore plans including The Myst, Norwood Grand and Union Square Residences, along with the divestment of the Ransome’s Wharf site in London’s Battersea area and the sale of the office component of Suzhou Hong Leong City Center in China.
As of June 30 the Group managed cash reserves of $1.8 billion and cash and accessible undrawn dedicated financial institution facilities totalling $3.5 billion. After factoring in reasonable worth on investment properties, the Group’s net gearing proportion ranks at 70% (FY 2024: 69%). Average borrowing costs reduced to 4.0% for 1H2025 (FY2024: 4.4%) following price cuts across the various jurisdictions. For 1H2025, the Board has declared a special acting returns of 3.0 cents per regular share.
Year-to-date, more than $1.5 billion in contracted divestments has been achieved. The anticipated fulfillment of the sale of the Group’s 50.1% stake in the South Beach mixed-use development, with divestment gains of $465 million, is in 3Q2025.
City Developments (CDL) announced a 3.9% increase in Patmi to $91.2 million in 1H2025, for the six months to June 30. Income rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
The Group’s performance was adversely influenced by net forex declines of $63.1 million in 1H2025 contrasted to a net forex increase of $51.3 million in 1H2024. Excluding these exchange effects, the Team’s Patmi would have bounced 322.7% to $154.3 million. The depreciation of the US bill significantly impacted the Group, mainly because of USD-denominated intercompany loans expanded to fund previous United States accommodation procurements and working resources requirements. This net foreign exchange loss, paired with weaker performance from the hotel operations sector, led to this segment reporting a loss for 1H2025.
