2023 ‘unusually difficult year’, but CLI’s CEO is ‘confident’ about what is to come
The year 2023 has been “uncommonly difficult”, stated Capitaland Investment’s (CLI) group chief executive officer Lee Chee Koon in a New Year message to workers. In spite of doing the job “exceptionally hard” and staying clear and centered on the team’s goals, CLI is going to face asset valuation losses for the FY2023 ended Dec 31, 2023, across the different markets it is running in.
Stocks in CLI closed up at $3.16 on Dec 29, 2023.
That said, Lee claims he stays hopeful concerning the future, as he sees “exciting chances for development with all our business verticals”, specifically in Asia Pacific.
In addition to his message, Lee mentioned several geopolitical and economic headwinds including the ongoing Russia-Ukraine conflict and the unfolding situation in the Middle East that will definitely effect on how the group can move and grow.
On Dec 8, 2023, CLI announced that it anticipates fair worth losses on its profile of investment real properties, primarily attributable to the financial investment real estates in China, Australia, Europe, the UK and the US. The fair value decreases are non-cash in nature and arose mainly as a result of higher capitalisation prices and weak market sentiments, claimed the group.
” Although these losses may be non-cash in nature, they will still register CLI’s full-year results. This is despite the fact that our underlying operating productivity continues to be durable and our organization units continue to position highly for the future. Our operating revenue even continues to be solid, steered by our rate earnings, and we are relocating the ideal path,” claimed Lee.
TMW Maxwell Chip Eng Seng, Singhaiyi and Chuan Holdings Limited
He includes that he is “of the view that several companies can have a hard time to browse a constantly high rates of interest setting and a politically separated environment.”
” We should prepare to turn this right into our benefit. Already, we are seeing some interesting opportunities emerge which would not have been offered when times were good,” he went on. “The key is at no time to squander a dilemma. We will continue to ensure we have the balance sheet and stand prepared to make bold transfer to carry a step change to our companies. We will focus on meeting the demands of our consumers and in so doing, we are going to develop a base of recurring fee income and solid business value in accordance with our vision to be the recommended worldwide legitimate possession manager developing favorable sustainable influence.”
Therefore, CLI anticipates to disclose a substantial decrease in its entire patmi for FY2023 on a y-o-y basis.
