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CapitaLand Investment’s PATMI down 6% to $781m in FY2023.

CLI has proposed a core dividend of 12 Singapore cents per ordinary share.

CapitaLand Investment’s cash PATMI–profit from business operations, excluding any gains/losses from divestments, revaluations and impairments– fell 6% to $781m in FY2023, from $831m for FY2022.

A core dividend of 12 Singapore cents per share has been proposed, for a total payout of approximately $612m, based on CLI’s issued shares as of 31 December 2024.

Revenue for FY2023 was $2.78b, a result of lower corporate leasing income in the USA and lower rental revenue from China properties in the Real Estate Investment Business (REIB) segment. REIB revenue stood at $1.93b as of 31 December 2023.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 43.8% to over $1.1b for FY2023, from $1.97b in FY2022. CLI blamed this on evaluation loss from investment properties and lower gains from asset recycling.

For H2 2023, cash PATMI rose 8% to S$439m, driven by S$206m in portfolio gains, offset by lower operating PATMI. 

ALSO READ: CapitaLand Investment establishes new lodging private fund

Despite the lower profit and revenue, CLI Group CEO Lee Chee Koon expressed confidence in their strategies in their target of doubling their funds under management by end-2028.

“Despite headwinds in the macroeconomic environment, CLI was able to scale up our lodging and new economy businesses and make strides in fund management and third-party commercial management,” Lee said.

Amongst strategies include optimising CLI’s China portfolio and growing their renminbi-denominated funds. CLI also plans to increase their fund product offerings in Japan, South Korea, and Australia, amongst other markets.

ALSO READ: CapitaLand’s new acquisitions to boost its funds under management in SEA to $1.2b

“We will continue to bolster growth in our listed funds through active portfolio management, and further expand our operations and fund management in India and Southeast Asia,” Lee said. 

“Whilst we strive towards a new growth target, we will be disciplined in driving growth that will deliver high quality and consistent earnings for our LPs and investors,” he added.

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