CapitaLand Investment Back in the Black with $148m Second-Half Profit

It has proposed a core dividend of 12 cents a share and special distribution of CICT units

- Colin Tan

Real estate investment manager CapitaLand Investment (CLI) bounced back into profit in the second half of 2024, and is proposing a special dividend in the form of units in its biggest Reit and a higher annual payout to shareholders.

The group swung to a net profit of $148 million for the six months to December, from a net loss of $170 million in the year-ago period.

Excluding gains or losses from divestments, revaluations and impairments, operating net profit fell 4 per cent to $214 million. The decline was due mainly to the absence of contribution from divested properties, partially offset by higher fee income from CLI's fee income-related business, it said in its exchange filing on Feb 27.

For the full year, net profit surged 165 per cent to $479 million, from $181 million in 2023.

Operating profit fell 10 per cent to $510 million, mainly due to absence of contribution from divested properties as CLI continued its asset-light strategy. The group generated net portfolio gains of $230 million from divestments.