CDL reports 3.9% rise in Patmi in 1H2025 with special dividend of 3 cents
As of June 30 the Group kept cash reserves of $1.8 billion and cash and readily available undrawn dedicated financial institution centers totalling $3.5 billion. After factoring in reasonable 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 various jurisdictions. For 1H2025, the Board has announced a special interim returns of 3.0 cents per regular share.
The financial investment properties segment reported steady revenue with a 0.4% rise, supported by higher payments from Republic Plaza, Jungceylon Shopping Mall, City Square Mall and the living market projects in the UK and Japan, offset by lower contributions from the Group’s UK commercial estates.
The hotel operations segment reported a pre-tax loss of $84.4 million in 1H2025, largely because of a net forex decrease from the devaluation of the USD, inflationary expense stress and weaker efficiency in key industry including Singapore and the US.
The growth in sales and net profit were steered by developed performance in the real property growth section, with full revenue acknowledgment from its totally sold joint venture (JV) Exec Condominium (EC) venture, Copen Grand, following its finish in April 2025, and various other contributing projects consisting of The Myst, Norwood Grand, along with 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 6 months to June 30. Income rose to $1.7 billion in 1H2025, up from $1.6 billion a year ago.
The Group’s performance was adversely impacted 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 Group’s Patmi would have jumped 322.7% to $154.3 million. The devaluation of the US dollar significantly affected the Group, mainly because of USD-denominated intercompany loans extended to fund previous US hotel acquisitions and operating funding requirements. This net foreign exchange loss, combined with weaker efficiency from the hotel operations section, led to this section reporting a loss for 1H2025.
CDL’s NAV as of June 30 was $10.10, down seven cents since Dec 31, 2024. Its share rate shut at $6.35 on Aug 12, up 24% this year.
Year-to-date, more than $1.5 billion in acquired divestments has been achieved. The expected finalization 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 segment continued to be the biggest revenue contributor with a 24.3% boost, steered by Singapore plans such as The Myst, Norwood Grand and Union Square Residences, along with the divestment of the Ransome’s Wharf site in London’s Battersea location and the sale of the office element of Suzhou Hong Leong City Center in China.
Lesser pre-tax earnings of $139.9 million in 1H2025 was mainly because of a $63.1 million net fx loss and minimized divestment acquires. Excluding the exchange loss, 1H2025 pre-tax revenue would certainly have boosted by 95.0% on a like-for-like basis. Patmi increased as a result of a reduced tax fee compared to the past year.
