Mapletree Investments has reported a negative patmi of $577.2 million for the FY2023/2024 ended March 31, reversing from the patmi of $1.22 billion in the FY2022/2023.
The loss this year was attributed to revaluation losses. The revaluation losses were due to the elevated interest rate environment, which led to the expansion in real estate capitalisation rates, says Mapletree Investments in its May 28 release. The prolonged work-from-home (WFH) trend also negatively impacted commercial properties in most of the group’s Western markets.
It adds that a “substantial portion” of the group’s assets valuation decline is within its office portfolios and especially in the US, Europe and Australia. The rest of its asset classes have remained “relatively stable”.
Revenue for the FY2023/2024 fell by 2.06% y-o-y to $2.8 billion, down from $2.86 billion in the year before.
Recurring patmi also fell by 8.2% y-o-y to $715.6 million.
The group’s ebit and share of operating profit or loss of associated companies and joint ventures, excluding the impact of fund syndications and divestments, were said to be “stable” with the ongoing recovery in the Southeast Asian (SEA) markets.
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“Against the uncertainty in the market, Mapletree’s ability to adapt to unprecedented changes while maintaining its operational, financial and investment discipline underpinned its resilient performance,” says group CEO Hiew Yoon Khong.
“Our assets under management (AUM) held steady at about $77.5 billion with the completion of acquisitions and development projects in the logistics, office and data centre sectors across Australia, China, India, Japan, South Korea and Vietnam,” he adds.
During the year, the group also maintained “prudent hedging practices” and improved its operating performance. It also mitigated revaluation pressures due to contributions from its better performing assets in Asia and logistics.
As at March 31, logistics remains the group’s largest asset class at 41% of its overall AUM. The group’s cash reserves and committed undrawn facilities stood at $12.3 billion as at the same period.
