Operating Patmi declined by 7% y-o-y to $568 million, mainly due to higher interest expense, lower contribution from China and lower event driven fees from funds. These were partially mitigated by the absence of foreign exchange losses recognised in FY2022, as well as better contribution from the lodging business.
CapitaLand Investment (CLI) announced that its earnings or Patmi for FY2023 ended Dec 31, 2023 has declined by 79.0% y-o-y to $181 million from $861 million in FY2022.
The challenging environment has negatively impacted valuation of the group’s investment properties, particularly those located in China, the USA and the UK, as well as dampened fund raising appetite globally. Nonetheless, through active asset recycling efforts, the group generated $213 million of portfolio gains at the Patmi level, a 4% decline from last year.
