CDL net profit drops 75% to S$317.3 million for 2023, targets S$1 billion in divestments
February 28, 2024 / /
CITY Developments Ltd’s (CDL) net profit dropped 75 per cent to S$317.3 million in 2023, as higher financing costs ate into profits in the absence of divestment gains.
This translate to an earnings per share (EPS) of S$0.336, against that of S$1.403 in the previous corresponding year.
Shares of CDL fell 3.2 per cent on Wednesday (Feb 28) morning, losing S$0.19 to touch a five-year low at S$5.77 at 10.12 am with 3.1 million shares changing hands. The counter ended the day at S$5.78, down S$0.18.
The property group posted a 50 per cent rise in revenue to a record S$4.9 billion for the year ended Dec 31, 2023, driven by its property development segment. But it missed analysts’ earnings estimates,…
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