CapitaLand Investment (CLI) reported a mixed financial performance for the first half of fiscal year 2024, ending June 30. The company's Profit After Tax and Minority Interests (PATMI) decreased by 6% year-over-year to $331 million. Operating PATMI, which excludes one-off gains and losses, fell more sharply by 14% to $296 million.

Despite these declines, CLI's overall revenue increased slightly by 1% to $1.365 billion. This growth was primarily driven by the fee-related business (FRB), which saw an 8% revenue increase to $561 million. The FRB's success was attributed to improved asset performance and new management contracts in lodging and commercial management, as well as higher event-driven fees in fund management.

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However, the real estate investment business (REIB) faced challenges, with revenue dropping to $911 million. This decrease was mainly due to the divestment of properties in various countries and reduced corporate leasing demand in the USA. Higher interest expenses and unfavourable foreign exchange rates also negatively impacted the REIB.

CLI made significant strides in its asset-light transition and diversification strategy, successfully recycling $1.7 billion in capital for future growth. The company's lodging management saw a 6% increase in Revenue Per Available Unit (RevPAU), and new growth opportunities emerged, including a partnership between The Ascott Limited and Chelsea Football Club. Commercial management's fee-income-related revenue grew impressively by 22%.

Notably, the FRB's contribution to Operating PATMI increased from 49% to 63% compared to the same period last year, highlighting the success of CLI's strategic shift. The company did not declare a dividend, as it typically only pays a final dividend.