CDL Investments has reported a decline in profit for the 2024 financial year.
The company's interim profit after tax was impacted by a one-off non-cash adjustment of $3.91 million, resulting from a change in government policy on the depreciation of commercial buildings.
CDL Investments, a property development and investment company, recorded an unaudited operating profit after tax of $3.57 million, compared to $2.74m in the same period last year.
The company said the result reflected the subdued market conditions, as the effects of recent reductions in bank lending rates had not yet translated to increased activity in the housing and property markets.
CDL Investments also reported a decrease in operating profit before tax, which amounted to $5.05m, down from $9.21m in the previous year.
Property sales and other income for the period were $13.81m, compared to $16.61m in 2024.
However, the company's net asset backing at cost increased to 107.5 cents per share, from 105.2 cents per share in the previous year.
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