CDL posts lower PATMI of $66.5m in 1H23

The company attributed the decline to the absence of substantial divestment gains in 1H22.

City Developments Land (CDL) recorded a lower net t profit after tax and non-controlling interest (PATMI) of $66.5m in 1H23, despite having a higher revenue of $2.7b  during the period.

According to CDL’s latest financial statement, the company achieved an 83.6% YoY growth in its revenue in 1H23.

In a bourse filing, CDL explained that the lower PATMI was largely due to the absence of substantial divestment gains recorded in 1H22.

“These included the gains from the record sale of Millennium Hilton Seoul and its adjoining land site and the gain on the deconsolidation of CDL Hospitality Trusts (CDLHT) from the Group following the distribution in specie of CDLHT units in 1H 2022,” CDL said.

CDL added that higher financing costs and the impairment losses for its UK investment properties also impacted its 1H23 PATMI.