CDL chairman optimistic about outlook for 2020

Singapore

DESPITE the disruption and uncertainty to businesses caused by the Covid-19 outbreak, City Developments Ltd (CDL) executive chairman Kwek Leng Beng is upbeat.

"We view the outlook for 2020 with an optimistic prism. With the collective efforts from government, businesses and individuals, the situation will stabilise and recover in time," Mr Kwek said.

The group posted a 12.5 per cent rise in net profit to S$87.7 million for the fourth quarter ended Dec 31, up from S$77.9 million a year ago.

This was thanks to increased revenue contribution across its core business segments, the property and hotels group said on Wednesday.

The group and its joint venture (JV) partner Hong Leong Holdings plan to launch a 566-unit private…