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CityDev's Q2 earnings dip; group has been raising M&C stake

Increased holding in London-listed hotel arm a pragmatic move to lift group's profit, says chairman

Kalpana Rashiwala

Published Thu, Aug 13, 2015 · 09:50 PM

Singapore

CITY Developments Ltd (CDL), which on Thursday posted a 3.2 per cent year-on-year drop in second-quarter net profit to S$133.5 million, has been raising its stake in its London-listed hotel arm Millennium & Copthorne Hotels with an eye to consolidating more of the latter's profit.

CDL's stake in M&C has risen from about 53 per cent at end-2005 to 63 per cent at end-June 2015.