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CDL's Q3 net profit up 56.4% to $203.4m
Thanks to the divestment of its stake in City e-Solutions Limited.
City Developments Limited has reported a 56.4% uptick in its earnings for the quarter ending in September, closing the period with $203.4m compared to $130.1m recorded last year.
This increase was on the back of strong sales performance in the property development segment and gains from the divestment of the Group's entire 52.52% interest in City e-Solutions Limited.
CDL's revenue increased 14% to S$922.8m, compared to last year's $809.3m. The headline increase was driven by the property development segment, including maiden contribution from the Gramercy Park project in Singapore and Hanover House project in Reading, United Kingdom, as well as contribution from Coco Palms, D'Nest and The Venue Residences and Shoppes projects in the city-state.
CDL Executive Chairperson Kwek Leng Beng said the group was able to weather persistent headwinds, due to the challenging market conditions.
"To enhance shareholder returns, we are reviewing our asset portfolio and business model. We are accelerating our diversification initiatives and will continue to focus on improving the Group's performance wherever possible, across all segments – property development, hotel operations, investment properties and funds management," he said.
Kwek furthered, "We have an exceptionally robust balance sheet and are building our war chest to capture attractive opportunities during this period of market dislocation.”
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