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13 July 2020 1H ended 30 Jun 2020 Profit Guidance CDL
https://links.sgx.com/FileOpen/CDL_13Jul...eID=623410
1. Hotel - RevPAR expected to decline 50-60%; expected pretax loss $120-140m
2. Property Dev - Rev decrease 10%
3. Investment Ppty - impacted due to $30m property tax and rental rebates given to tenants; +$197m gain from closure of PPS2, sales of Manulife Cenre, and 7&9 Tampines Grade
From 1-3, expects pre-tax profit to reduce substantially, and will be materially and adversely impacted.
Not accounted for:
1. negative goodwill due to acquisition of Sincere Property Group annouced in Apr 2020 - pending finalisining the property valuation
2. fair value valuation of investment and hotel properties which is not meaningful as situation remains volatile
3. robust cash and undrawn credit $5b
Wear mask and keep your social distance, everyone.
https://links.sgx.com/FileOpen/CDL_13Jul...eID=623410
1. Hotel - RevPAR expected to decline 50-60%; expected pretax loss $120-140m
2. Property Dev - Rev decrease 10%
3. Investment Ppty - impacted due to $30m property tax and rental rebates given to tenants; +$197m gain from closure of PPS2, sales of Manulife Cenre, and 7&9 Tampines Grade
From 1-3, expects pre-tax profit to reduce substantially, and will be materially and adversely impacted.
Not accounted for:
1. negative goodwill due to acquisition of Sincere Property Group annouced in Apr 2020 - pending finalisining the property valuation
2. fair value valuation of investment and hotel properties which is not meaningful as situation remains volatile
3. robust cash and undrawn credit $5b
Wear mask and keep your social distance, everyone.