CapitaLand Investment has reported 1HFY2023 earnings of $351 million for 1HFY2023, down 19% y-o-y. While operating profit was steady, the company booked lower portfolio gains.
Revenue in the same six months ended June period was largely steady too, with a 1% y-o-y dip to $1.35 billion.
As at 1HFY2023, CLI’s funds under management stood at $89 billion, with more than $4 billion raised across its various listed and private platforms.
CLI says its listed funds platform also delivered steady operating performance with net property income improvements and good transactions momentum.
With the continued rebound in international travel, CLI registered strong growth in fee income from lodging management and rental from lodging properties. 1H 2023 revenue per available unit increased 32% year-on-year to $87, boosted by higher occupancy rates recorded from properties in all markets.
With capital recycling picking up in 2QFY2023, CLI has made $839 million in divestments as at YTD August 2023.
“CLI continues to build a resilient business that is strategically positioned and well-balanced across diverse sectors, geographical markets and income streams," says chairman Miguel Ko.
"With our strong ground presence and deep operating experience in our core markets of Singapore, China, and India, and our focus markets of Australia, Japan and Korea, we believe that our diversified portfolio, robust balance sheet, and disciplined capital management will position us well to manage risks and uncertainties in the external macroeconomic environment," he adds.
“Despite a challenging environment, we have continued to press ahead and execute well on our priorities, keeping our long-term goals in mind and making sure we do right by our investors across the various vehicles," says group CEO Lee Chee Koon.
"Looking ahead, we expect the pace of capital recycling to improve. We will remain disciplined and selective in our acquisitions to ensure we continue to deliver consistent and high-quality returns. We will also intensify our efforts to raise domestic capital to support our China business, further diversify our portfolio and scale up our business globally,” adds Lee.
