CDL’s PATMI sinks 36.5% YoY in FY2024

Revenue for the period dropped 32.6% YoY.

City Developments Limited (CDL) reported a 36.5% year-on-year (YoY) drop in net profit after tax and non-controlling interest (PATMI) in FY2024 to $201.3m from $317.3m in FY2023.

Revenue for the period also dropped 32.6% YoY to $3.3b from $4.9b a year ago.

The decline was due to lower contributions from the property development segment following significant contributions in 2023 and the divestment of a land site in Tokyo,

Elevated financing costs and construction delays for certain projects also impacted the CDL’s expected profit recognition schedule.

Meanwhile, its investment properties segment saw an 11.1% YoY increase in revenue due to acquisitions completed in 2023 and 2024.

In addition, its hotel operations segment posted an 8.2% YoY increase in revenue following the acquisition of Sofitel Brisbane Central and the Hilton Paris Opéra hotels in December 2023 and May 2024, respectively, and the official opening of M Social Phuket in June 2024.