CityDev’s net profit dips 3.2% to $133.5m in Q2

Due to lower property development revenue.

Strong sales at its recently-launched residential projects failed to boost CityDev’s property development revenue in the second quarter.

A decline in property development revenue caused the group’s net profit to dip by 3.2% to $133.5m during the Q2, as property development revenue fell 18% year-on-year to $268m.

Contributions from Singapore hotels decreased as a result of increased room supply, lower visitor numbers, and strong Singapore dollar relative to other Asian currencies.

On a half-year basis, CDL achieved net profit of $256.5m, and a revenue of $1.64b. The group declared a special interim dividend of 4.0 cents per ordinary share