City Developments posted record 4Q earnings of $410.5 million, up 6.6% from the year before. Revenue inched up 1% to $855 million.
The group attributed the stronger performance to gains recorded from the sale of CDL’s tree prime office assets, 7 & 9 Tampines Grande, Manulife Centre and Centre Mall, as well a maiden $12 million contribution from CDL’s UK property development platform from the sale of Emerald House in Croydon.
The group has declared a final dividend of eight cents and a special dividend of four cents a share. It earlier paid out an interim dividend of four cents.
“We are well poised to deploy our strong balance sheet towards investments in a period of market dislocation, capitalising on available opportunities, while maintaining discipline in our investments. We remain focused on expanding our international property development footprint and growing our funds management platform,” says executive chairman Kwek Leng Beng.
City Developments was down 2.63% at $7.04 on Wednesday.
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The group attributed the stronger performance to gains recorded from the sale of CDL’s tree prime office assets, 7 & 9 Tampines Grande, Manulife Centre and Centre Mall, as well a maiden $12 million contribution from CDL’s UK property development platform from the sale of Emerald House in Croydon.
The group has declared a final dividend of eight cents and a special dividend of four cents a share. It earlier paid out an interim dividend of four cents.
“We are well poised to deploy our strong balance sheet towards investments in a period of market dislocation, capitalising on available opportunities, while maintaining discipline in our investments. We remain focused on expanding our international property development footprint and growing our funds management platform,” says executive chairman Kwek Leng Beng.
City Developments was down 2.63% at $7.04 on Wednesday.
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