Analysts from CGS-CIMB Research, DBS Group Research, OCBC Investment Research, RHB Research, and UOB Kay Hian are maintaining their “add” or “buy” calls on City Developments Limited (CDL) despite its less-than-stellar 1H20 earnings results.

On August 13, CDL posted a 99.1% plunge y-o-y in its earnings to $3.1 million for the 1H20 ended June due to the negative impact the Covid-19 pandemic had on its hotel operations segment. The drag on earnings was also partly attributable to the lower joint venture contributions with after-tax losses from its 51.01% stake in Sincere Group, as well as $33.9 million of impairment losses for eight hotels in Europe, the UK, and the US.

See: CityDev 1H20 earnings plunge 99.1% to $3.1 mil

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