CapitaLand Investment (CLI) has reported revenue of $650 million for the 1QFY2024 ended March 31, 0.15% lower y-o-y.
The group’s fee income-related business revenue (FRB) rose by 7% y-o-y to $274 million due to growth across all segments except for private funds management. During the quarter, overall all-in fee-related earnings (FRE) over funds under management (FUM) or FRE/FUMM stood at 82 basis points (bps), 1 bps higher than 81 bps as at FY2023. Fund management (FM) FRE/FUM stood at 45 bps, down from 46 bps as at FY2023.
At the same time, real estate investment business (REIB) revenue fell by 4% y-o-y to $430 million due to asset divestments and lower tech demand but mitigated by higher revenue in Japan.
Under REIB, CLI saw positive rental reversions across its Singapore portfolio and its Indian new economy portfolio. Meanwhile, its portfolio in China logged “mild positive” reversions for its new economy portfolio but saw negative reversions for its retail and office portfolio. The group’s assets in new economy and office sectors in its other markets remained “resilient”.
As at March 31, CLI’s net debt/equity stood at 0.53 times while net debt/total assets stood at 0.31 times. The implied interest cost stood at 4.0% per annum (p.a.).
The group has conducted some $1.7 billion in total transactions year-to-date (ytd). The figure is made up of the $600 million worth of divestments and the $1.1 billion worth of investments made through fund platforms.
See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
Shares in CLI closed at $2.63 on April 25.
