CDL Q3 net slides 33.7% on impairment losses

Singapore

IMPAIRMENT losses arising from two hotels and transaction costs from Millennium & Copthorne Hotels' (M&C) delisting last month dragged down City Developments Limited's (CDL) third-quarter bottom line, which sank 33.7 per cent year-on-year to S$114.96 million.

Stripping out the impairment and privatisation costs, profit after tax and minority interests (PATMI) would have declined by 11.4 per cent for Q3 2019, it said. It was hit by impairment losses of about S$37 million incurred on two M&C hotels, Millennium Hilton Seoul and Millennium Hilton New York One UN Plaza.