CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
The property development sector stayed the largest revenue contributor with a 24.3% rise, driven by Singapore projects like 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 part of Suzhou Hong Leong City Center in China.
CDL’s NAV as of June 30 was $10.10, down 7 cents ever since Dec 31, 2024. Its share rate shut at $6.35 on Aug 12, up 24% this year.
The Group’s performance was adversely influenced by net foreign exchange declines of $63.1 million in 1H2025 contrasted to a net foreign exchange profit 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 dollar substantially influenced the Group, primarily as a result of USD-denominated intercompany loans extended to fund previous United States hotels and resort purchases and operating funding requirements. This net foreign exchange loss, paired with weak performance from the hotel operations section, resulted in this sector reporting a loss for 1H2025.
The hotel operations segment reported a pre-tax loss of $84.4 million in 1H2025, largely as a result of a net forex loss from the devaluation of the USD, inflationary cost stress and weak performance in key markets like Singapore and the US.
The rise in revenue and net earnings were steered by improved performance in the property advancement sector, with full revenue recognition from its fully marketed joint venture (JV) Executive Condominium (EC) venture, Copen Grand, complying with its completion in April 2025, and other contributing jobs including The Myst, Norwood Grand, as well as JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
Lesser pre-tax earnings of $139.9 million in 1H2025 was generally because of a $63.1 million internet fx loss and minimized divestment gains. Omitting the exchange loss, 1H2025 pre-tax profit would have increased by 95.0% on a like-for-like basis. Patmi rose as a result of a lower tax fee compared to the previous year.
The financial investment properties segment documented secure profits with a 0.4% rise, sustained by greater payments from Republic Plaza, Jungceylon Shopping Mall, City Square Mall and the living industry projects in the UK and Japan, offset by lower contributions from the Group’s UK business real properties.
As of June 30 the Group kept cash reserves of $1.8 billion and cash and accessible undrawn committed 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 rate cuts across the numerous jurisdictions. For 1H2025, the Board has declared a special acting returns of 3.0 cents per ordinary share.
City Developments (CDL) disclosed a 3.9% increase in Patmi to $91.2 million in 1H2025, for the 6 months to June 30. Revenue rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
Year-to-date, more than $1.5 billion in acquired divestments has been achieved. The expected completion 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.
