SINGAPORE: Property giants City Developments Ltd (CDL) and CapitaLand Investment Ltd reported bigger-than-expected declines in full-year profits, after being battered by high interest rates and a global real estate downturn.
Net income at CDL dropped to S$317mil for the year ended December, down 75% from a record in 2022, the city-state’s largest listed developer said yesterday. That missed the S$358mil average analyst estimate compiled by Bloomberg.
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