CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
Since June 30 the Group maintained cash reserves of $1.8 billion and cash and readily available undrawn dedicated bank centers totalling $3.5 billion. After factoring in reasonable worth on investment properties, 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 rate cuts across the various jurisdictions. For 1H2025, the Board has declared a special interim returns of 3.0 cents per normal share.
CDL’s NAV since June 30 was $10.10, down 7 cents since Dec 31, 2024. Its share rate shut at $6.35 on Aug 12, up 24% this year.
The property development segment stayed the biggest revenue contributor with a 24.3% rise, generated by Singapore projects such as 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 element of Suzhou Hong Leong City Center in China.
The investment properties segment documented stable earnings with a 0.4% increase, supported by higher payments from Republic Plaza, Jungceylon Shopping Center, City Square Mall and the living market projects in the UK and Japan, offset by lower payments from the Group’s UK business estates.
The Group’s performance was adversely impacted by net forex declines of $63.1 million in 1H2025 compared to a net foreign exchange gain of $51.3 million in 1H2024. Excluding these exchange effects, the Group’s Patmi would have jumped 322.7% to $154.3 million. The devaluation of the US bill noticeably impacted the Group, generally because of USD-denominated intercompany loans extended to fund previous United States hotels and resort procurements and working resources requirements. This net forex loss, combined with weak performance from the hotel operations sector, caused this segment reporting a loss for 1H2025.
Tembusu Grand City Developments Ltd
City Developments (CDL) released a 3.9% increase 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.
Lower pre-tax profit of $139.9 million in 1H2025 was primarily because of a $63.1 million net forex loss and reduced divestment gains. Omitting the exchange loss, 1H2025 pre-tax revenue would have enhanced by 95.0% on a like-for-like basis. Patmi increased because of a lower tax fee compared to the former year.
Year-to-date, around $1.5 billion in acquired divestments has been obtained. The anticipated 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.
The raise in return and final profit were driven by improved efficiency in the real property growth sector, with complete earnings recognition from its completely marketed joint venture (JV) Executive Condo (EC) project, Copen Grand, following its finish in April 2025, and other contributing projects including The Myst, Norwood Grand, as well as JV projects CanningHill Piers, Tembusu Grand, The Orie and Kassia.
The hotel operations segment disclosed a pre-tax loss of $84.4 million in 1H2025, largely because of a net foreign exchange decrease from the depreciation of the USD, inflationary cost pressures and weaker efficiency in key industry like Singapore and the United States.
