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CDL's Q1 profit down 44.5%

PropertyGuru

by Cheryl Tay

The lack of one-off gains from the divestment of The Corporate Office (pictured) along Robinson Road has led City Developments Ltd's (CDL) Q1 net profit to drop 44.5 percent to S$156.75 million.

However, revenue for the quarter rose 9.4 percent year-on-year to S$846.7 million, attributed to a 20.3 percent increase in revenue for property development to S$394.3 million, including strong contribution from its property projects such as the 368 Thomson, Tree House, Cube 8 and Hundred Trees residential projects, as well as The Glyndebourne condo along Dunearn Road.

"The group has always maintained a medium- to long-term view of its business," said CDL.

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"With a healthy land bank, the group will continue to be selective in its land replenishment strategy, mindful of the global economic uncertainty. It has always remained nimble and strategic in its implementation plans to unlock maximum value of its assets for shareholders, at the opportune time."

Despite recording a higher topline from its property development business, the segment's profit before income tax, including share of after-tax profit of jointly controlled entities and associates, declined 30.7 percent year-on-year to S$88.02 million in the first quarter.

Looking forward, Southeast Asia's second largest property developer said it expects to remain profitable in the current financial year, supported with a "diversified portfolio of assets, strong balance sheet and prudent management."

The company also unveiled plans for two 99-year leasehold residential property projects. These include the UP@Robertson Quay, which comprises 70 luxury apartments and loft residences including one-bedroom, one-bedroom-with-study and two-bedroom units, and Haus@Serangoon Garden, which will offer 96 terrace houses.

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