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Property bellwethers CDL, Ascott sound warning on H1 profit hit

Fresh property news selection on July 13. 2020, Monday.

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TWO property bellwethers, City Developments Limited (CDL) and Ascott Residence Trust (ART), warned on Monday of dour performance in their first-half results, having been stung by lockdowns and other safe-distancing measures in various cities that were imposed as a result of the Covid-19 pandemic.

07.13.

As at 10.30am on Monday, stapled securities of ART were trading at 99.5 Singapore cents, down 3.5 cents or 3.4 per cent, while shares of CDL were trading at S$8.51, down S$0.20 or 2.3 per cent.

CDL said it expects the group's pre-tax profit for the first half this year to reduce "substantially" from a year ago, dragged by its hotel operations segment amid the pandemic. It added that the near-term outlook "continues to remain highly challenging and uncertain until the pandemic situation abates together with the reopening of international borders".

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