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 certainly still affect CLI’s full-year results. This is although that our underlying operating productivity continues to be resilient and our organization units continue to place strongly for the future. Our operating profit even stays solid, driven by our fee revenue, and we are moving in the appropriate course,” stated Lee.
Stocks in CLI closed up at $3.16 on Dec 29, 2023.
The year 2023 has been “unusually tough”, claimed Capitaland Investment’s (CLI) team CEO Lee Chee Koon in a New Year message to staff. Despite working “extremely quite hard” and staying clear and directed on the team’s targets, CLI is going to encounter asset value declines for the FY2023 finished Dec 31, 2023, across the various markets it is operating in.
He includes that he is “of the view that several firms can deal to get through a persistently high rates of interest environment and a politically separated environment.”
That said, Lee says he remains confident about the future, as he sees “amazing possibilities for progress in all our business verticals”, specifically in Asia Pacific.
Thus, CLI expects to disclose a substantial reduction in its overall patmi for FY2023 on a y-o-y basis.
On Dec 8, 2023, CLI publicized that it assumes reasonable worth losses on its portfolio of investment real estates, largely attributable to the financial investment real estates in China, Australia, Europe, the UK and the United States. The reasonable worth losses are non-cash in nature and occurred mainly due to greater capitalisation prices and weaker market affects, claimed the team.
Further to his message, Lee pointed out a number of geopolitical and economic headwinds consisting of the continuous Russia-Ukraine conflict and the unfolding crisis in the Middle East that will definitely impact on the way the team can relocate and develop.
” We should be ready to transform this right into our advantage. Currently, we are seeing some fascinating opportunities emerge which would certainly not have been available when times were great,” he continued. “The secret is at no time to waste a crisis. We will remain to guarantee we have the balance sheet and stand ready to make bold moves to bring a step change to our services. We are going to concentrate on satisfying the demands of our clients and in so doing, we will definitely develop a base of recurring fee revenue and strong venture value according to our vision to be the preferred worldwide real possession manager producing positive sustainable influence.”