2023 ‘unusually difficult year’, but CLI’s CEO is ‘confident’ about what is to come
On Dec 8, 2023, CLI declared that it anticipates fair value losses on its portfolio of financial investment real estates, mainly attributable to the investment properties in China, Australia, Europe, the UK and the United States. The fair value losses are non-cash in nature and occurred generally due to greater capitalisation rates and weak market leanings, stated the team.
That said, Lee claims he remains hopeful regarding the future, as he sees “amazing opportunities for development in each of our business verticals”, specifically in Asia Pacific.
Further to his message, Lee pointed out numerous geopolitical and economic headwinds including the recurring Russia-Ukraine war and the unraveling situation in the Middle East that will definitely influence on how the group can move and develop.
As such, CLI anticipates to report a significant decline in its overall patmi for FY2023 on a y-o-y basis.
” Even though these losses may be non-cash in nature, they will still impact CLI’s full-year results. This is although that our underlying operating productivity continues to be resilient and our business units remain to position strongly for the future. Our operating revenue even remains solid, driven by our fee earnings, and we are moving in the right course,” claimed Lee.
He includes that he is “of the sight that many companies might have a hard time to get through a persistently high interest rate atmosphere and a politically separated environment.”
” We should be ready to turn this into our benefit. Already, we are seeing some interesting opportunities arise which would not have actually been offered when times were good,” he continued. “The secret is at no time to throw away a crisis. We will remain to make sure we have the balance sheet and stand prepared to make bold moves to bring a step improvement to our organizations. We will concentrate on meeting the needs of our customers and in so doing, we will definitely develop a base of recurring fee revenue and solid venture value in accordance with our vision to be the favored international real asset manager creating favorable sustainable influence.”
The year 2023 has been “abnormally hard”, said Capitaland Investment’s (CLI) group CEO Lee Chee Koon in a New Year news to staff. In spite of working “exceptionally hard” and continuing to be clear and focused on the team’s targets, CLI is going to face asset value declines for the FY2023 ended Dec 31, 2023, around the different markets it is operating in.
Stocks in CLI closed up at $3.16 on Dec 29, 2023.
