CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
The Group’s performance was adversely affected by net forex losses of $63.1 million in 1H2025 compared to a net forex profit of $51.3 million in 1H2024. Excluding these exchange effects, the Group’s Patmi would have jumped 322.7% to $154.3 million. The depreciation of the US dollar substantially influenced the Group, generally because of USD-denominated intercompany loans expanded to fund previous US hotels and resort acquisitions and working resources requirements. This net forex loss, paired with weaker efficiency from the hotel operations sector, caused this sector reporting a loss for 1H2025.
The property development sector remained the largest revenue contributor with a 24.3% boost, steered by Singapore plans like The Myst, Norwood Grand and Union Square Residences, as well as the divestment of the Ransome’s Wharf website in London’s Battersea area and the sale of the office element of Suzhou Hong Leong City Center in China.
The hotel operations segment disclosed a pre-tax loss of $84.4 million in 1H2025, largely as a result of a net forex loss from the devaluation of the USD, inflationary cost stress and weaker performance in key industry including Singapore and the US.
Grand Dunman Singhaiyi Group Ltd
CDL’s NAV as of June 30 was $10.10, down seven cents ever since Dec 31, 2024. Its share rate closed at $6.35 on Aug 12, up 24% this year.
Since June 30 the Group maintained 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 estates, 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 price cuts across the numerous jurisdictions. For 1H2025, the Board has announced a special interim returns of 3.0 cents per normal share.
The investment properties segment recorded stable profits with a 0.4% boost, sustained by higher payments from Republic Plaza, Jungceylon Shopping Center, City Square Mall and the living market projects in the UK and Japan, countered by lower payments from the Group’s UK business properties.
Year-to-date, over $1.5 billion in contracted divestments has been accomplished. 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.
Lower pre-tax earnings of $139.9 million in 1H2025 was primarily as a result of a $63.1 million internet fx loss and reduced divestment gains. Leaving out the exchange loss, 1H2025 pre-tax revenue would have increased by 95.0% on a like-for-like basis. Patmi climbed because of a reduced tax charge contrasted to the past year.
The rise in sales and final profit were driven by developed performance in the real property development section, with full profit acknowledgment from its totally offered joint venture (JV) Executive Condo (EC) project, Copen Grand, complying with its finish in April 2025, and various other contributing projects consisting of The Myst, Norwood Grand, and also JV plans CanningHill Piers, Tembusu Grand, The Orie and Kassia.
City Developments (CDL) released 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.
