|End-of-day quote - 10/27|
City Developments : 1st Half Net Profit Plunges
|08/12/2020 | 09:44pm|
By Ronnie Harui
City Developments Ltd. said its first-half net profit plunged, partly due to lower gains from asset sales.
Net profit fell to 3.15 million Singapore dollars ($2.3 million) in the January-to-June period from S$362 million a year earlier, the company said Thursday.
Revenue slid to S$1.07 billion in the first half from S$1.60 billion a year earlier.
Singapore's residential property market will probably facing challenging demand conditions for the rest of the year and beyond due to the pandemic, the company said.
Write to Ronnie Harui at firstname.lastname@example.org