CDL Investments reports significant profit drop

Residential property developer, CDL Investments, has reported a significant drop in profit for the year ended December 31 2023.

The company's profit after tax was $13.5 million, down from $31.2m in the previous year.

Profit before tax also saw a decline, from $43.3m to $18.7m.

CDL attributed the lower profit to the challenging trading environment experienced over the past 12 months.

Property sales, rental income, and other income were $31.2m, compared to $67.3m in 2022.

The company's directors, however, expressed optimism for 2024, citing the potential for future revenue growth from newer residential developments.

CDL's dividend of 3.5 cents per share will be maintained and is set to be paid on May 17 2024.