CapitaLand Investment’s profit drops 6% YoY, hit by higher expenses

PATMI for the period was $331m.

CapitaLand Investment (CLI) suffered a 6% YoY decline in its total profit after tax and minority interests (PATMI) in H1 2024, dropping to $331m.

The PATMI for the period comprised the portfolio gains of $35m and a 14% YoY lower operating PATMI of $296m.

CLI attributed its lower operating PATMI to a weaker Real Estate Investment Business (REIB), impacted by higher interest expenses and unfavourable foreign exchange rates.

The weaker REIB also offset the gains from CLI’s Feeincome Related Business (FRB), which saw an 8% YoY growth to $561m.

“The growth in FRB revenue was underpinned by improved asset performance and contribution from new management contracts in the lodging and commercial management businesses,” CLI reported.