CDL’s 2Q earnings flat at $133.8 mil

SINGAPORE (Aug 11): City Developments Limited (CDL) posted earnings of $133.8 million for the 2Q ended 30 June, just 0.2% higher than $133.5 million a year ago.

Revenue for the quarter increased 32.4% to $1.1 billion. This was mainly boosted by the full revenue and profit recognition from Lush Acres, a fully sold Executive Condominium (EC), following its Temporary Occupation Permit (TOP) issuance in 2Q this year.

However, costs of sales increased 56.9% to $652.3 million. This resulted in a smaller 7.6% rise in gross profit to $440 million.

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