- City Developments reported a subdued set of FY24 results, with revenue declining by 33.8% y-o-y to S$3,271.2m. This was attributed to the absence of contribution from the Piermont Grand Executive Condominium (EC) project, which was fully recognised in FY23 (S$1.5b) upon completion, coupled with the sale of a freehold land site in Shirokane, Tokyo in 3Q23.
FY24 PATMI was above our expectations but below the street’s.
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- Overall PATMI was above our S$192.3m forecast but fell short of LSEG consensus estimates of S$274.4m.
Other segments besides property development saw an uplift in revenue.
- Although City Developments’ property development segment recorded a decline in revenue by 66.4% in FY24 as explained earlier, its other segments saw increased topline contribution. Revenue for its hotel operations and investment properties increased 8.2% and 11.2% respectively.
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Net gearing ratio unchanged half-on-half at 69% (including fair value uplift on investment properties) but higher compared to end-FY23.
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