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CDL's profit plunged 99.1% to $3.15m in H1

Fresh property news selection on August 14. 2020, Friday.

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Hotel operations accounted for 82% of the drop in revenue.

City Developments Limited (CDL) saw its profit attributable to shareholders plummet 99.1% YoY in H1 to $3.15m from $361.96m in H1 2019, a local bourse filing stated. The prolonged COVID-19 pandemic has severely impacted the group’s performance across its business segments.

Revenue for H1 similarly crashed 32.8% YoY to $1.1b from $1.6b over the same period, no thanks to the decline across all business segments with hotel operations accounting for 82% of the drop in revenue. In constant currency, the group’s global hotel revenue per available room (RevPAR) fell by 56.6% to $60.3 from $139.1m in H1 2019. Its global occupancy also dropped to 39.4% from 72.2% over the same period.

As at 30 June, 28% of the group’s 152 hotels worldwide were temporarily closed and those that remained open were operating at much lower occupancies than before.

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