Despite a challenging market, City Developments Limited (CDL) posted Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) of S$186 million for Q1 2017 (Q1 2016: S$205 million), and Profit after Tax and Minority Interests (PATMI) of S$85.5 million (Q1 2016: S$105.3 million). The lower EBITDA and PATMI compared to Q1 2016 were due to a range of factors, including the absence of contribution from two joint venture (JV) projects Bartley Ridge and Echelon which were completed in 2016; exchange losses incurred primarily from the repayment of a New Zealand dollar denominated intercompany loan under the Group’s indirect subsidiary, CDL Hospitality Trusts (CDLHT); a disappointing performance by the Group’s subsidiary, Millennium & Copthorne Hotels plc; and lower investment income earned from the realisation of an investment in Real Estate Capital Asia Partners (a private real estate fund).

Read Full Article