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CDL net profit drops 75% to S$317.3 million for 2023, targets S$1 billion in divestments  

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Samuel Oh &

Mia Pei

Published Wed, Feb 28, 2024 · 08:35 AM
    • From left: Yiong Yim Ming, group chief financial officer; Sherman Kwek, group chief executive officer; Kwek Leng Beng, executive chairman; Kwek Eik Sheng, group chief operating officer; and Chia Ngiang Hong, group general manager, at the CDL media briefing.
    • From left: Yiong Yim Ming, group chief financial officer; Sherman Kwek, group chief executive officer; Kwek Leng Beng, executive chairman; Kwek Eik Sheng, group chief operating officer; and Chia Ngiang Hong, group general manager, at the CDL media briefing. PHOTO: CITY DEVELOPMENTS LTD

    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.

    City Developments Ltd (CDL)Financial resultsHot Stock

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