CapitaLand Investment reverses into the red in H2 with S$170m loss

CAPITALAND Investment (CLI) slipped into the red for the second half of its fiscal year, posting a S$170 million loss compared with H2 FY2022’s net profit of S$428 million, following losses from the revaluation of its investment properties.

The fair value losses, largely from its China and United States assets, dragged full-year profit down. For the year ended Dec 31, 2023, net profit dropped 79 per cent to S$181 million from S$861 million in FY2022. In FY2023, CLI recorded S$600 million in revaluation and impairment losses, compared with revaluation gains of S$30 million in FY2022. 

Speaking at the group’s H2 FY2023 financial results briefing on Wednesday (Feb 28), CLI group chief operating officer Andrew Lim said: “The fair value loss is nothing to sneeze at, but it’s 2 per cent of our investment property portfolio and is offset by pockets of strength in Singapore and India.”