City Development's 4Q Result In Line; Continues to Diversify Away From Singapore
No-moat City Development, or CDL, posted fourth-quarter profit after tax and minority interest, or PATMI, of SGD 234.8 million and full-year PATMI of SGD 653.2 million. For the full year, many of the same themes in weakening residential property prices in Singapore and challenging conditions for its hotel operations, Millennium and Copthorne, persisted in 2016. Despite the tough environment, CDL is managing well, as it continues to diversify its business away from Singapore to provide more balan...City Developments is a property developer and owner and investment holding company. Co. and its subsidiaries have four reportable segments: Property Development, which develops and purchases properties for sale; Hotel Operations, which owns and manages hotels; Rental Properties, which develops and purchases investment properties for lease; as well as Others, which comprises club operator and owner, investment in shares, property management, project management and consultancy services and provider of information technology and procurement services. The property development, hotel operations and rental properties segments are managed on a worldwide basis.
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