2023 2024 2023 2024 The Group also made lower impairments on investment properties of $19.5 million (FY 2023: $43.7 million) for FY 2024 in relation to properties located in Australia, United Kingdom and China. Hotel Operations Revenue for this segment increased by $123.6 million to $1.62 billion (FY 2023: $1.5 billion) for FY 2024. Pre-tax profit increased by $4.8 million to $193.4 million (FY 2023: $188.6 million) for FY 2024. The increase in revenue for FY 2024 was primarily attributable to the contributions from the Sofitel Brisbane Central hotel and the Hilton Paris Opéra hotel that the Group acquired in December 2023 and May 2024 respectively, together with the opening of the M Social Phuket in June 2024 following refurbishment. In spite of higher hotel revenue generated in 2024, FY 2024 pre-tax profit remained relatively constant as compared to the previous corresponding year due to the divestment gain of $80.0 million recognised from the disposal of Millennium Harvest House Boulder in 2023. In addition, the Group reversed impairment losses made on hotel properties, largely located in the United States, of $55.4 million (FY 2023: $54.0 million) in the current year. Others Revenue, comprising mainly income from building maintenance contracts, project management, club operations, laundry services and dividend income, increased by $9.5 million to $210.0 million (FY 2023: $200.5 million) for FY 2024. This segment posted pre-tax profit of $16.0 million (FY 2023: pre-tax loss of $14.7 million) for FY 2024, due to a higher share of profit contribution from First Sponsor Group Limited primarily attributable to fair value gains recognised on its outstanding derivatives instruments as well as net gains on those derivatives that had matured and been settled during the year. The Group also recognised a fair value loss on remeasurement of an unquoted debt instrument for FY 2023. Revenue By Business Segment ($ Million) Revenue By Business Segment Profit Before Tax By Business Segment* EBITDA By Business Segment* Profit Before Tax By Business Segment* ($ Million) Property Development Hotel Operations Investment Properties Others 6% 15% 50% 29% 4% 39% 52% 5% $1.0 billion $374.0 million $3.3 billion 3% 46% 37% 14% Property Development Property Development Hotel Operations Hotel Operations Investment Properties Investment Properties (41) 2,793 340 189 193 146 16 19 1,499 1,622 449 500 200 210 939 (15) Others Others * Includes share of after-tax profit of associates and joint ventures FINANCIAL REVIEW BUSINESS OVERVIEW CITY DEVELOPMENTS LIMITED 60
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