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CityDev profit falls on lower development, hotels gains

Earnings drop 16.4% to S$106.4m for Q3 and 5.7% to S$362.9m for the first nine months

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Property and hotels group City Developments Ltd (CDL) has posted lower earnings for both its third quarter and first nine months ended Sept 30.

Singapore

PROPERTY and hotels group City Developments Ltd (CDL) has posted lower earnings for both its third quarter and first nine months ended Sept 30.

Pre-tax profits from rental properties went up but were not sufficient to offset the sharp fall seen in its property development