2023 ‘unusually difficult year’, but CLI’s CEO is ‘confident’ about what is to come
Also to his message, Lee mentioned a number of geopolitical and economic headwinds including the recurring Russia-Ukraine conflict and the unfolding crisis in the Middle East that will impact on just how the team can relocate and develop.
He adds that he is “of the sight that many business might have a hard time to get through a persistently high rates of interest setting and a politically divided environment.”
That said, Lee claims he remains confident concerning the future, as he sees “interesting possibilities for progress in all our business verticals”, particularly in Asia Pacific.
On Dec 8, 2023, CLI declared that it expects fair worth losses on its portfolio of investment real estates, mainly attributable to the financial investment properties in China, Australia, Europe, the UK and the US. The fair worth losses are non-cash in nature and occurred mainly because of greater capitalisation prices and weaker market leanings, said the group.
The year 2023 has been “abnormally hard”, said Capitaland Investment’s (CLI) group chief executive officer Lee Chee Koon in a New Year news to workers. In spite of working “incredibly hard” and continuing to be clear and centered on the team’s goals, CLI will encounter asset valuation declines for the FY2023 finished Dec 31, 2023, across the several markets it is operating in.
” Although these losses may be non-cash in nature, they will still affect CLI’s full-year results. This is although that our underlying operating productivity continues to be durable and our business units continue to place firmly for the future. Our operating earnings even stays strong, driven by our fee revenue, and we are relocating the appropriate course,” stated Lee.
Shares in CLI closed up at $3.16 on Dec 29, 2023.
Thus, CLI anticipates to report a significant decrease in its overall patmi for FY2023 on a y-o-y basis.
” We need to prepare to switch this into our benefit. Currently, we are observing some interesting possibilities emerge which would not have actually been offered when times were great,” he continued. “The secret is at no time to squander a situation. We will continue to make sure we have the balance sheet and stand ready to make bold transfer to bring a step change to our businesses. We are going to concentrate on meeting the requirements of our customers and in so doing, we will construct a base of recurring fee revenue and solid business worth in line with our vision to be the preferred worldwide legitimate property manager producing positive sustainable effect.”
