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City Developments: Home is where the cash is, as investors expect more uplift from legacy assets

Goola Warden
Goola Warden8/11/2022 06:14 PM GMT+08  • 6 min read
City Developments: Home is where the cash is, as investors expect more uplift from legacy assets
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City Developments’ (CDL) shareholders would have cheered the special interim dividend of 12 cents per ordinary share in 1HFY2022.

During the six months ended June, CDL divested the Millennium Hilton Seoul for around $1.2 billion, and a gain of some $500 million. Similarly, the deconsolidation of CDL Hospitality Trusts (CDLHT), which was given as a distribution-in-specie to CDL shareholders, reaped the developer a further $500 million.

Hence, CDL announced a Patmi (profit after tax and minority interest) of $1.1 billion. Excluding those divestment gains, CDL’s 1HFY2022 Patmi is $110.3 million, a turnaround from a loss a year ago.

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