Property bellwethers CDL, Ascott sound warning on H1 2020 profit hit

Vivienne Tay

Published Mon, Jul 13, 2020 · 09:50 PM

Singapore

TWO property bellwethers, City Developments Limited (CDL) and Ascott Residence Trust (ART), warned on Monday of dour performance in their first-half results for 2020, having been stung by lockdowns and other safe-distancing measures in various cities that were imposed as a result of the Covid-19 pandemic.

At the close of trading on Monday, stapled securities of ART ended at 99.5 Singapore cents, down 3.5 cents or 3.4 per cent, while shares of CDL closed at S$8.37, down S$0.34 or 3.9 per cent.

CDL said it expects the group's pre-tax profit for the first half this year to reduce "substantially" from a year ago, dragged by its hotel operations segment amid…