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CityDev posts 79.5% rise in 2Q earnings to $205 mil; expects residential sales to moderate

Michelle Zhu
Michelle Zhu8/10/2018 07:29 AM GMT+08  • 2 min read
CityDev posts 79.5% rise in 2Q earnings to $205 mil; expects residential sales to moderate
SINGAPORE (Aug 10): City Developments (CDL) announced earnings of $204.8 million for the 2Q ended June, up 79.5% from its 2Q17 earnings of $114.1 million a year ago, backed by stronger sales recognition during the period under review.
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SINGAPORE (Aug 10): City Developments (CDL) announced earnings of $204.8 million for the 2Q ended June, up 79.5% from its 2Q17 earnings of $114.1 million a year ago, backed by stronger sales recognition during the period under review.

This brings the group’s earnings for 1H18 to $284.8 million, up 35.8% from 1H17 earnings of $209.7 million after also accounting for The Criterion Executive Condominium (EC), which is now fully sold and achieved its temporary occupation permit (TOP) in 1Q.

Revenue for 1Q18 grew 59.2% to $1.4 billion from restated revenue of $854 million a year ago due to strong performance from the group’s property development segment.

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