CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
Reduced pre-tax revenue of $139.9 million in 1H2025 was mostly because of a $63.1 million internet fx loss and reduced 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 as a result of a reduced tax fee contrasted to the former year.
The Group’s performance was adversely impacted by net forex declines of $63.1 million in 1H2025 compared to a net foreign exchange increase of $51.3 million in 1H2024. Excluding these exchange effects, the Team’s Patmi would have leapt 322.7% to $154.3 million. The depreciation of the US bill noticeably influenced the Group, generally because of USD-denominated intercompany loans expanded to fund previous United States accommodation acquisitions and working resources requirements. This net forex loss, combined with weak efficiency from the hotel operations segment, resulted in this sector reporting a loss for 1H2025.
As of June 30 the Group managed cash reserves of $1.8 billion and cash and available undrawn committed financial institution centers totalling $3.5 billion. After factoring in reasonable value on investment estates, the Group’s net gearing proportion ranks at 70% (FY 2024: 69%). Average borrowing costs reduced to 4.0% for 1H2025 (FY2024: 4.4%) following rate cuts across the various jurisdictions. For 1H2025, the Board has announced a special acting returns of 3.0 cents per ordinary share.
The property development segment remained the largest revenue contributor with a 24.3% boost, generated by Singapore projects including The Myst, Norwood Grand and Union Square Residences, in addition to the divestment of the Ransome’s Wharf website in London’s Battersea area and the sale of the office component of Suzhou Hong Leong City Center in China.
The hotel operations section reported a pre-tax loss of $84.4 million in 1H2025, largely because of a net foreign exchange loss from the devaluation of the USD, inflationary expense pressures and weaker performance in key industry like Singapore and the US.
Union Square Residences Singapore
The increase in sales and final profit were steered by developed efficiency in the real property advancement section, with full revenue recognition from its totally sold joint venture (JV) Executive Condominium (EC) project, Copen Grand, complying with its finalization in April 2025, and other contributing projects including The Myst, Norwood Grand, along with JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
City Developments (CDL) released a 3.9% increase 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.
CDL’s NAV since 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 investment properties segment documented secure earnings 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, countered by lower payments from the Group’s UK commercial properties.
Year-to-date, around $1.5 billion in contracted divestments has been accomplished. The expected completion 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.
