SUBSCRIBERS

CDL more than doubles Q1 gain to S$199m; CEO joins board

Results boosted by profit margins for development projects, S$144.3m pre-tax gain from Manulife Centre sale

Published Wed, May 15, 2019 · 09:50 PM

Singapore

CITY Developments Limited (CDL) more than doubled its net profit to S$199.6 million for its first quarter to March 31, from S$85.3 million for the year-ago period, boosted by strong profit margins for development projects and realisation of a S$144.3 million pre-tax gain from the divestment of Manulife Centre.

Earnings per share was 22 Singapore cents, versus 9.4 Singapore cents previously. CDL shares closed down 1.61 per cent, or S$0.14, at S$8.54 on Wednesday.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes