The statement added that the group maintained a substantial level of natural hedge for its overseas investments and “will continue its proactive and disciplined approach to capital management”.
City Developments’ 1QFY2024 business updates for the January to March quarter showed its net gearing ratio, factoring in fair value on its investment properties, rising to 63% as at March 31, compared to 61% as at Dec 31, 2023.
Its interest coverage ratio fell to 1.2x compared to 2.8x in FY2023 and 9.8x in FY2022. “Nevertheless, the Group has strong cash reserves of $2.4 billion. It maintains a robust liquidity position comprising cash and available undrawn committed bank facilities totalling $3.7 billion. Its debt expiry profile also remains healthy,” CDL says in its press release.
