2023 ‘unusually difficult year’, but CLI’s CEO is ‘confident’ about what is to come
” Although these declines might be non-cash in nature, they will still impact CLI’s full-year outputs. This is despite the fact that our underlying operating operation remains to be resistant and our organization units remain to place strongly for the future. Our operating revenue even continues to be solid, generated by our rate revenue, and we are moving in the appropriate course,” said Lee.
As such, CLI presumes to disclose a substantial reduction in its entire patmi for FY2023 on a y-o-y basis.
” We must be ready to change this right into our benefit. Currently, we are observing some exciting chances arise which would not have been available when times were great,” he continued. “The secret is at no time to waste a situation. We will remain to guarantee we have the balance sheet and stand prepared to create bold relocate to carry a step improvement to our businesses. We are going to focus on meeting the needs of our customers and in so doing, we will definitely develop a base of recurring fee revenue and solid business worth in line with our vision to be the preferred global real possession manager developing positive lasting effect.”
He adds that he is “of the view that many companies can struggle to get through a persistently high interest rate atmosphere and a politically separated world.”
The year 2023 has been “unusually difficult”, stated Capitaland Investment’s (CLI) group chief executive officer Lee Chee Koon in a New Year news to employee. Regardless of working “very quite hard” and remaining clear and focused on the team’s objectives, CLI will deal with asset valuation declines for the FY2023 ended Dec 31, 2023, throughout the several markets it is operating in.
On Dec 8, 2023, CLI publicized that it assumes reasonable value losses on its portfolio of investment properties, primarily attributable to the financial investment real estates in China, Australia, Europe, the UK and the US. The fair value losses are non-cash in nature and arose generally as a result of higher capitalisation prices and weak market leanings, said the team.
That said, Lee claims he continues to be positive about the future, as he sees “exciting possibilities for growth in all our business verticals”, specifically in Asia Pacific.
In addition to his message, Lee cited a number of geopolitical and economic headwinds including the continuous Russia-Ukraine conflict and the unraveling crisis in the Middle East that will impact on the way the team can relocate and grow.
Stocks in CLI closed up at $3.16 on Dec 29, 2023.
