CDL Q4 net profit up 12.5% to $87.7m

City Developments (CDL) posted a 12.5 per cent rise in net profit to $87.7 million for the fourth quarter ended Dec 31, up from $77.9 million a year ago.

This was due to increased revenue contribution across its core business segments, the property and hotels group said yesterday.

Earnings per share for the quarter came in at nine cents, up 13.9 per cent from 7.9 cents a year ago. Revenue rose 20.1 per cent on the year to $946.9 million for the fourth quarter, from $788.3 million previously.

The property development segment's revenue was backed by several Singapore projects, as well as the fully sold 32 Hans Road project in Britain.

For hotel operations, the inclusion of W Singapore - Sentosa Cove in the group's portfolio bolstered the increase in revenue.

In the investment properties segment, the acquisition of Britain's Aldgate House and 125 Old Broad Street boosted revenue for the latest quarter.

In addition to a final ordinary dividend of eight cents per share, the board is recommending a special final ordinary dividend of six cents per share.

Including the special interim ordinary dividend of six cents per share paid in September, the total dividends for FY2019 amount to 20 cents per share.

For the full year, CDL's net profit edged up 1.3 per cent to $564.6 million from $557.3 million, although revenue fell 18.8 per cent to $3.43 billion from $4.22 billion.

CDL shares closed at $10.37 yesterday, down 2.7 per cent.

THE BUSINESS TIMES

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A version of this article appeared in the print edition of The Straits Times on February 27, 2020, with the headline 'CDL Q4 net profit up 12.5% to $87.7m'. Print Edition | Subscribe