CDL net profit drops 75% to S$317.3 million for 2023, targets S$1 billion in divestments
CITY Developments Ltd’s : C09 0% (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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Yen tumbles to 34-year low; US dollar gains after inflation data
Fed repricing gives rise to new equities playbook in Asia
Dasin Retail Trust’s creditor to repossess director’s properties over loan default
Is Jurong Island’s carbon test bed too small and conservative? A*Star institute head thinks not
Tech rally propels emerging stocks to best week since July
Bank of Singapore takes action against employees for misusing medical benefits