Given that FPL’s patmi fell by 81% y-o-y in FY2023 ended September 30, 2023, it was no surprise that CLI’s total patmi fell by 79% y-o-y. CDL’s patmi fell by 75% y-o-y. Ho Bee Land (SGX:H13
) suffered the largest impact, swinging into a loss in FY2023. However, CLI’s UK exposure is through CapitaLand Ascott Trust (SGX:HMN) and CapitaLand Ascendas Trust. Its impairment losses were mainly from China ($511 million) and the US ($213 million).
In December last year, City Developments (CDL) and CapitaLand Investment (CLI) warned that their overseas portfolios would cause their total patmi (profit after minority interest) to fall significantly.
Before their announcements, Frasers Property (SGX:TQ5) (FPL) warned investors that its net patmi would be negatively impacted by revaluation losses in the UK, Europe and Australia. As it turned out, that set the tone for the January-February 2024 results season.
