CLI reports lower revenue of $650m in 1Q24

Its real estate investment business (REIB) revenue fell 4% YoY.

CapitaLand Investment’s (CLI) total revenue dipped to $650m in 1Q24 from $651m in 1Q23.

Breaking down by business segments, CLI recorded a 4% YoY lower real estate investment business (REIB) revenue of $430m but saw a 7% YoY higher fee income-related business (FRB) revenue of $274m.

FRB accounted for 39% of CLI’s total revenue for the period, whilst REIB accounted for 61%.

CLI attributed the increase in its FRB segment to increases across all sub-segments, led by commercial management, which reported an 18% YoY uptick in revenue.

Whilst its REIB reported a revenue dip, CLI underscored that the business segment was “largely stable” in 1Q24.

Breaking down by country, Singapore accounted for 8% of total REIB revenue, whilst the United States was the biggest contributor, accounting for 25% of total revenue.

By asset class, 76% of revenue came from lodging.

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CapitaLand Investment Limited

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