The $1.12 billion was also restated as the proposed REIT listing from CDL’s two commercial properties in the UK did not happen. The group has reclassified the assets held for sale and the liabilities directly associated with the assets back to its respective assets and liabilities.

Earnings per share (EPS) for the period stood at 6.6 cents on a fully diluted basis.

Revenue for the six-month period, however, surged by 83.6% y-o-y to $2.70 billion mainly driven by the group’s property development segment.

Revenue for the property development segment spiked by 183.2% y-o-y underpinned by the contribution from CDL’s fully-sold Piermont Grand executive condo (EC). Piermont Grand had obtained its temporary occupation permit (TOP) in the 1HFY2023, which enabled its revenue and profit to be recognised in entirety upon completion under prevailing accounting policies for ECs.

Revenue from CDL’s hotel operations segment also increased by 12.4% y-o-y as global revenue per available room (RevPAR) grew by 42.7% y-o-y to $151.50 on the back of the continued strong momentum in international travel. Singapore’s RevPAR grew by 51.5% while the group’s properties in Asia saw an 88.3% y-o-y increase in RevPAR. The performance of the group’s hotels in Asia, Europe and the US saw RevPAR exceed their pre-Covid-19 levels as well.

See also: <a class='gtm_see_also_1_inread' style='text-decoration: underline;' href='/capital/results/isdn-posts-113-lower-revenue-438-lower-net-profit-1hfy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>ISDN posts 11.3% lower revenue, 43.8% lower net profit for 1HFY2023</a>

For the 1HFY2023, CDL’s pre-tax profit stood at $179.5 million, down from the $1.6 billion for the 1HFY2022 which was boosted by substantial divestment gains. Excluding divestment gains and impairment losses, the group would have registered a 48.1% increase in pre-tax profit for 1HFY2023 on a like-for-like basis.

During the period, CDL and its joint venture (JV) associates sold 508 units in Singapore with a total sales value of $1.1 billion, down from the 712 units sold in the 1HFY2022 with a total sales value of $1.6 billion.

The group’s launched projects in Australia continue to see a steady uptake.

See also: <a class='gtm_see_also_2_inread' style='text-decoration: underline;' href='/capital/results/southern-alliance-mining-reports-narrower-net-loss-rm08-mil-2hfy2023?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>Southern Alliance Mining reports narrower net loss of RM0.8 mil for 2HFY2023</a>

The group has also sold most of its inventory in China and is continuing to clear its remaining units in Shanghai, Suzhou, Chongqing and Shenzhen.

In its UK portfolio, 44% of CDL’s 239-unit Teddington Riverside project is occupied and rental enquiries remain “healthy”. The former Stag Brewery site in Mortlake, Southwest London received planning consent from the planning committee of the London Borough of Richmond-Upon-Thames (LBRuT) for its mixed-use redevelopment scheme in July. The scheme will move to a stage two review by the Greater London Authority for approval due to the scale of the redevelopment.

As at June 30, CDL’s Singapore office portfolio has a committed occupancy of 95.3% while its Singapore retail portfolio achieved a committed occupancy of 97.8%.

Cash and cash equivalents as at the same period stood at $1.95 billion.

A special interim dividend of 4.0 cents per share has been declared. It will be payable on Sept 5.

“Despite the persistent macroeconomic headwinds and inherent market unpredictability, the group will stay agile, resilient and adaptable in navigating these headwinds,” says CDL’s executive chairman Kwek Leng Beng.

“Building on the continued recovery of the hospitality sector, our recent acquisitions of the Sofitel Central Brisbane and Nine Tree Premier Hotel Myeongdong II in Seoul at attractive valuations strengthen the group’s presence in key gateway cities. Over the past six decades, the group has demonstrated adeptness in capitalising on growth opportunities. During times of uncertainty, strategic acquisitive opportunities often emerge and we must be nimble to secure opportunities to solidify our market position, augment and diversify our portfolio and leverage our core expertise for sustainable long-term growth,” he adds.

For more stories about where money flows, <a class='gtm_see_also_3_inread' style='text-decoration: underline;' href='/section/capital?utm_source=website&utm_medium=article&utm_campaign=ONPAGESEO'>click here for Capital Section</a>

“The group is focused on capital recycling and asset portfolio optimisation as we pursue our growth, enhancement and transformation (GET) strategy. The record profit performance last year, driven by significant divestments, provided us with the significant cash to make strategic acquisitions that would add value to our portfolio,” says Sherman Kwek, CDL’s group CEO.

“Since the start of the year, we have acquired iconic trophy assets such as St Katharine Docks in Central London, two strong-performing hotel assets in Brisbane and Seoul as well as expanded our PRS portfolio with two assets in Osaka. These acquisitions are aligned with the group’s goals to advance our global presence in tandem with our land replenishment strategy in Singapore. In addition, we remain focused on extracting value from our current assets while pursuing our fund management ambitions,” he adds.

Shares in CDL closed 9 cents lower or 1.25% down at $7.12 on Aug 8.

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