CDL Q4 profit up 73.4%, at S$384.9 million

City Developments Limited (CDL) today (Feb 16) announced a record profit after tax of S$384.9 million for the fourth quarter ending December 31, 2014, up 73.4 per cent compared to a year ago - the highest since 1963. The gains were mainly from the sale of the present and future cashflows of the dividends and other shareholders’ distributions in its wholly-owned subsidiary, Cityview Place Holdings, which owns the W Singapore.

Revenue for the fourth quarter of 2014 was at S$846.9 million, up by 7.4 per cent from a year earlier.

CDL also posted its highest ever annual revenue of S$3.8 billion for the full year of 2014, up by 17.1 per cent from 2013. Profit for the full year was at S$769.6 million, up by 12.2 per cent on-year.

The property developer maintained its top position as Singapore’s top selling private sector developer for 2014, selling 1,378 units including Executive Condominiums (EC) at about S$1.4 billion despite tough market conditions.

“In 2014, we made very delibrate efforts to focus on CDL’s diversification strategy through geographic expansion and development of new investment platforms... CDL has demonstrated the ability to be nimble and innovative, and with the fresh perspectives via new senior management appointments, we have continued to build value for shareholders,” said Mr Kwek Leng Beng, CDL’s executive chairman.

CDL said they expect headwinds to persist for the Singapore market due to the fragile global economy, however there will be opportunities present and will remain poised to build on their capabilities.

CDL shares were down by 0.29 per cent, or 3 Singapore cents at S$10.27 half-an-hour after the market’s open this morning.