CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
Since June 30 the Group maintained cash reserves of $1.8 billion and cash and readily available undrawn committed financial institution facilities totalling $3.5 billion. After factoring in fair worth on investment properties, the Group’s net gearing ratio stands 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 regular share.
The increase in revenue and final profit were driven by improved performance in the real property advancement sector, with complete revenue acknowledgment from its totally offered joint venture (JV) Exec Condo (EC) venture, Copen Grand, complying with its finish in April 2025, and other contributing jobs consisting of The Myst, Norwood Grand, along with JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
The property development section stayed the biggest revenue contributor with a 24.3% rise, steered by Singapore projects including The Myst, Norwood Grand and Union Square Residences, in addition to the divestment of the Ransome’s Wharf website in London’s Battersea location and the sale of the office part of Suzhou Hong Leong City Center in China.
The financial investment properties segment recorded secure revenue with a 0.4% boost, sustained by higher contributions from Republic Plaza, Jungceylon Shopping Mall, City Square Mall and the living market projects in the UK and Japan, countered by lower contributions from the Group’s UK business properties.
CDL’s NAV as of June 30 was $10.10, down 7 cents ever since Dec 31, 2024. Its share cost closed at $6.35 on Aug 12, up 24% this year.
The Group’s performance was adversely affected by net forex losses of $63.1 million in 1H2025 compared to a net foreign exchange profit of $51.3 million in 1H2024. Excluding these exchange effects, the Team’s Patmi would have leapt 322.7% to $154.3 million. The depreciation of the US bill significantly influenced the Group, mainly because of USD-denominated intercompany loans expanded to fund previous US accommodation procurements and working resources requirements. This net foreign exchange loss, combined with weaker efficiency from the hotel operations sector, caused this sector reporting a loss for 1H2025.
Year-to-date, over $1.5 billion in obtained divestments has been achieved. The expected finalization 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.
The hotel operations segment disclosed a pre-tax loss of $84.4 million in 1H2025, largely as a result of a net foreign exchange loss from the devaluation of the USD, inflationary expense stress and weaker efficiency in key industry including Singapore and the United States.
City Developments (CDL) disclosed a 3.9% rise in Patmi to $91.2 million in 1H2025, for the six months to June 30. Revenue rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
Lower pre-tax earnings of $139.9 million in 1H2025 was mostly as a result of a $63.1 million net forex loss and decreased divestment acquires. 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 reduced tax fee contrasted to the former year.
