City Developments' Q4 profit up 12.5% to S$87.7m

CITY Developments Limited (CDL) 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.

Earnings per share for the quarter came in at nine Singapore cents, up 13.9 per cent from 7.9 Singapore cents in the year-ago period.

Revenue rose 20.1 per cent on the year to S$946.9 million for Q4, from S$788.3 million previously.

The property development segment's revenue was backed by several Singapore projects including The Tapestry, Whistler Grand and Amber Park, as well as the fully sold 32 Hans Road project in the UK.

For the hotel operations segment, the inclusion of W Singapore - Sentosa Cove into the group's hotel portfolio in Q2 2019 bolstered the increase in revenue.

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Meanwhile, in the investment properties segment, the acquisition of the UK's Aldgate House and 125 Old Broad Street in late 2018 boosted revenue for the latest quarter.

In addition to a final ordinary dividend of S$0.08 per share, the board is also recommending a special final ordinary dividend of S$0.06 per share. Including the special interim ordinary dividend of S$0.06 per share paid in September 2019, the total dividends for FY2019 amount to S$0.20 per share, unchanged from FY2018.

Once approved by shareholders at the annual general meeting to be held on April 28, the proposed dividends will be paid on May 21.

For the full year, CDL's net profit edged up by 1.3 per cent to S$564.6 million from S$557.3 million, although revenue tumbled 18.8 per cent to S$3.43 billion from S$4.22 billion in the year-ago period.

CDL shares closed at S$10.66 on Tuesday, up S$0.17 or 1.6 per cent.