“The group is in the process of finalising valuations conducted on the Group’s portfolio of properties as at 31 December 2023. Based on preliminary results, the Group expects fair value losses on its portfolio of investment properties, primarily attributable to the investment properties in the above-mentioned markets (China, Australia, Europe, UK and the US). The fair value losses are however non-cash in nature and arose mainly due to higher capitalisation rates and weaker market sentiments. The Group’s core operating earnings have not been significantly impacted and operating cashflow remains stable,” the CLI statement says.
In FY2022, despite a decline in total Patmi, CLI reported positive operating and free cashflow. Similarly, in 1HFY2023, when CLI recorded a 38.3% y-o-y decline in total Patmi to $433 million, operating and free cashflow remained positive, a testament to its conservative capital management strategies.
CLI shares closed Dec 8 at $3.10, unchanged for the day, and down 15.53% year to date.
