CDL's Q3 net profit up 56.4% to $203.4m

Thanks to the divestment of its stake in City e-Solutions Limited.

City Developments Limited has reported a 56.4% uptick in its earnings for the quarter ending in September, closing the period with $203.4m compared to $130.1m recorded last year.

This increase was on the back of strong sales performance in the property development segment and gains from the divestment of the Group's entire 52.52% interest in City e-Solutions Limited.

CDL's revenue increased 14% to S$922.8m, compared to last year's $809.3m. The headline increase was driven by the property development segment, including maiden contribution from the Gramercy Park project in Singapore and Hanover House project in Reading, United Kingdom, as well as contribution from Coco Palms, D'Nest and The Venue Residences and Shoppes projects in the city-state.

CDL Executive Chairperson Kwek Leng Beng said the group was able to weather persistent headwinds, due to the challenging market conditions.

"To enhance shareholder returns, we are reviewing our asset portfolio and business model. We are accelerating our diversification initiatives and will continue to focus on improving the Group's performance wherever possible, across all segments – property development, hotel operations, investment properties and funds management," he said.

Kwek furthered, "We have an exceptionally robust balance sheet and are building our war chest to capture attractive opportunities during this period of market dislocation.”

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia