CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
Year-to-date, over $1.5 billion in obtained divestments has been obtained. 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.
The property development sector remained the largest revenue contributor with a 24.3% boost, steered by Singapore plans including 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 part of Suzhou Hong Leong City Center in China.
Reduced pre-tax earnings of $139.9 million in 1H2025 was mostly because of a $63.1 million internet fx loss and reduced divestment gains. Excluding the exchange loss, 1H2025 pre-tax revenue would have raised by 95.0% on a like-for-like basis. Patmi climbed because of a reduced tax fee contrasted to the former year.
The rise in sales and final earnings were steered by developed performance in the real estate development segment, with complete revenue recognition from its totally marketed joint venture (JV) Executive Condominium (EC) venture, Copen Grand, complying with its finish in April 2025, and other contributing projects consisting of The Myst, Norwood Grand, as well as JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
Since June 30 the Group kept 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 estates, the Group’s net gearing ratio ranks at 70% (FY 2024: 69%). Average borrowing costs reduced to 4.0% for 1H2025 (FY2024: 4.4%) following price cuts across the numerous jurisdictions. For 1H2025, the Board has announced a special interim dividend of 3.0 cents per average share.
The Group’s performance was adversely affected by net foreign exchange declines of $63.1 million in 1H2025 contrasted to a net forex gain of $51.3 million in 1H2024. Excluding these exchange effects, the Team’s Patmi would have jumped 322.7% to $154.3 million. The depreciation of the US bill significantly affected the Group, primarily as a result of USD-denominated intercompany loans expanded to fund previous US accommodation acquisitions and working capital requirements. This net forex loss, combined with weak efficiency from the hotel operations section, resulted in this segment reporting a loss for 1H2025.
The investment properties segment documented stable income with a 0.4% rise, supported by greater payments from Republic Plaza, Jungceylon Shopping Center, City Square Mall and the living industry projects in the UK and Japan, countered by lower payments from the Group’s UK commercial real properties.
CDL’s NAV as of June 30 was $10.10, down 7 cents since Dec 31, 2024. Its share rate closed at $6.35 on Aug 12, up 24% this year.
The hotel operations section disclosed a pre-tax loss of $84.4 million in 1H2025, mostly because of a net foreign exchange decrease from the depreciation of the USD, inflationary expense pressures and weaker efficiency in key industry including Singapore and the US.
City Developments (CDL) released a 3.9% surge 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.
