News

Residential Property

Staff Reporter

, Singapore

Published:

9 years ago

CDL net profit creeps up 0.2% to $133.8m

Thanks to a robust property development business.

Despite a booming revenue at $1.1b, property developer City Development Ltd. (CDL) has claimed a resilient net profit of $133.8m for 2Q16, only a meager increase from its $133.5m earnings the same period last year.

It was the property development business segment that contributed the the highest to pre-tax profits, forming 51.6% of the pre-tax profits for the second quarter.

"In particular, the recognition of profit from Lush Acres EC boosted the pre-tax profits of the property development business segment for Q2 2016," CDL said in a statement.

However, the increases in the group's revenue were offset by lower contributions from Millennium & Copthorne Hotels in New York and Singapore due to a weaker performance.

Revenue per available room (RevPAR) in New York dropped 15.8% while that of Singapore went down by 10.2%.

More so, cost of sales and servicing swelled 59% year-on-year to $652.3m from $415.8m in 2015.

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