CapitaLand Investment H1 profit rises 14% to $327m on higher fee income

Fee revenue grew 20% YoY during the period.

CapitaLand Investment Limited’s (CLI) total profit after tax and minority interests (PATMI) rose 14% to $327m in the first half (H1), from $287m a year earlier.

The group attributed the increase to a higher operating profit and portfolio gains from asset recycling.

Operating PATMI grew 13% to $293m from $260m, supported by higher fee income from CLI’s listed and private funds management platforms. Portfolio gains climbed 26% to $34m from $27m.

However, H1 revenue fell 2% to $1.02b from $1.04b due to the absence of contributions from divestments, partly offset by higher fees from CLI’s fee business. EBITDA was unchanged at $581m.

Fee revenue increased 20% year-on-year, with the group’s Listed and Private Funds Management businesses generating a combined $316m, up 48%.

CLI said it plans to expand its REIT franchise through acquisitions, portfolio rejuvenation, and capital market initiatives, as well as develop new listed vehicles across asset classes and markets.

It added that it will prioritise commercial, living, self-storage, and credit strategies within its private funds business, whilst rationalising sub-scale funds.

The group has completed about $5b of gross divestments year-to-date, including an industrial facility in Singapore, a business park in India, a retail asset in China and transactions involving its REITs.

Moreover, it has listed its first China Commercial Private REIT and is targeting a second C-REIT in the second half of the year, subject to market conditions.

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