CityDev 1H20 earnings plunge 99.1% to $3.1 mil

City Developments (CDL) saw its earnings plummet 99.1% to $3.1 million for 1H20 ended June, from the $362.0 million posted a year ago. The drag on earnings is primarily due to its hotel operations segment, which saw a pre-tax loss of $208.2 million, which included $33.9 million of impairment losses due to the ongoing pandemic.

On a fully diluted basis, this translates to a loss per share of -0.4 cents for the half-year compared to the 38 cents a year ago. The loss per share includes the preference dividends of $6.4 million (1.94 cents per preference share), which was paid on June 30.

1H20 revenue fell 32.8% y-o-y to $1.07 billion, due to the decline across all business segments. The hotel operations segment alone accounted for 82% of the drop in revenue due to the global pandemic.