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 although that our underlying operating performance remains to be resistant and our business units remain to place firmly for the future. Our operating profit also remains strong, generated by our cost income, and we are moving in the appropriate path,” said Lee.
Shares in CLI closed at $3.16 on Dec 29, 2023.
” We must prepare to switch this into our benefit. Already, we are observing some exciting chances emerge which would certainly not have been available when times were good,” he continued. “The trick is at no time to throw away a situation. We will certainly continue to make sure we have the balance sheet and stand prepared to make bold moves to carry a move change to our services. We will focus on satisfying the demands of our clients and in so doing, we will definitely develop a base of recurring fee income and solid enterprise worth in accordance with our vision to be the preferred worldwide legitimate possession manager creating favorable lasting impact.”
That said, Lee states he remains positive about the future, as he sees “exciting chances for growth with all our business verticals”, particularly in Asia Pacific.
On Dec 8, 2023, CLI declared that it anticipates fair value losses on its portfolio of financial investment properties, mainly attributable to the investment properties in China, Australia, Europe, the UK and the United States. The fair worth losses are non-cash in nature and developed generally due to higher capitalisation prices and weak market leanings, claimed the team.
As such, CLI expects to declare a considerable decrease in its overall patmi for FY2023 on a y-o-y basis.
He adds that he is “of the sight that several companies could have a hard time to get through a constantly high rates of interest atmosphere and a politically split world.”
In addition to his message, Lee mentioned several geopolitical and economic headwinds involving the ongoing Russia-Ukraine war and the unraveling situation in the Middle East that will influence on how the team can move and grow.
The year 2023 has been “abnormally hard”, claimed Capitaland Investment’s (CLI) group CEO Lee Chee Koon in a New Year message to employee. In spite of doing the job “incredibly quite hard” and remaining clear and directed on the team’s targets, CLI is going to face asset assessment reductions for the FY2023 ended Dec 31, 2023, throughout the various markets it is running in.