CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
The investment properties segment reported secure revenue with a 0.4% increase, supported by greater payments from Republic Plaza, Jungceylon Shopping Center, City Square Mall and the living industry projects in the UK and Japan, offset by lower payments from the Group’s UK business estates.
Year-to-date, around $1.5 billion in obtained divestments has been reached. The anticipated fulfillment of the sale of the Group’s 50.1% risk in the South Beach mixed-use development, with divestment gains of $465 million, is in 3Q2025.
Pinetree Hill UOL Group & Singapore Land Group Limited
The Group’s performance was adversely impacted by net foreign exchange declines of $63.1 million in 1H2025 contrasted to a net forex profit of $51.3 million in 1H2024. Excluding these exchange effects, the Group’s Patmi would have bounced 322.7% to $154.3 million. The devaluation of the US dollar substantially affected the Group, mainly due to USD-denominated intercompany loans extended to fund previous US hotel acquisitions and working funding requirements. This net forex loss, coupled with weaker efficiency from the hotel operations section, resulted in this section reporting a loss for 1H2025.
Reduced pre-tax earnings of $139.9 million in 1H2025 was primarily because of a $63.1 million net forex loss and minimized divestment acquires. Omitting the exchange loss, 1H2025 pre-tax profit would certainly have boosted by 95.0% on a like-for-like basis. Patmi climbed because of a lower tax fee contrasted to the past year.
The property development segment stayed the largest revenue contributor with a 24.3% rise, driven by Singapore projects like The Myst, Norwood Grand and Union Square Residences, as well as the divestment of the Ransome’s Wharf website in London’s Battersea location and the sale of the office component of Suzhou Hong Leong City Center in China.
CDL’s NAV since June 30 was $10.10, down 7 cents since Dec 31, 2024. Its share cost closed at $6.35 on Aug 12, up 24% this year.
As of June 30 the Group managed cash reserves of $1.8 billion and cash and available undrawn committed bank facilities amounting to $3.5 billion. After factoring in fair worth on investment properties, the Group’s net gearing proportion stands at 70% (FY 2024: 69%). Average borrowing costs reduced to 4.0% for 1H2025 (FY2024: 4.4%) following rate cuts across the different jurisdictions. For 1H2025, the Board has announced a special interim reward of 3.0 cents per average share.
The growth in sales and net profit were generated by developed performance in the real estate advancement sector, with full revenue recognition from its totally offered joint venture (JV) Executive Condo (EC) project, Copen Grand, complying with its completion in April 2025, and various other contributing jobs consisting of The Myst, Norwood Grand, as well as JV plans CanningHill Piers, Tembusu Grand, The Orie and Kassia.
City Developments (CDL) announced a 3.9% increase in Patmi to $91.2 million in 1H2025, for the 6 months to June 30. Income rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
The hotel operations segment disclosed a pre-tax loss of $84.4 million in 1H2025, mostly because of a net forex loss from the devaluation of the USD, inflationary expense stress and weak efficiency in key markets such as Singapore and the United States.
