SINGAPORE (THE BUSINESS TIMES) - Property investment manager CapitaLand Investment (CLI) posted a 38.3 per cent drop in profit to $433 million for the first half-year ended June 30, from $702 million last year.

This was due to "lower velocity in asset recycling activities", particularly in China, it said in a regulatory filing on Thursday (Aug 11) before trading began.

CLI shares fell after its results announcement and were down 20 cents, or 4.9 per cent, to $3.90 at 11.12am. Trading was heavy, with 20.8 million shares changing hands.

The group's half-year earnings per share fell 66.4 per cent to 8.4 cents from 25 cents previously, despite a 29.1 per cent gain in revenue to $1.35 billion from $1.05 billion in the first half of 2021 - boosted by higher contributions from its fee income-related business and real estate investment business.

The rise in revenue was driven mainly by the strong recovery of the group's lodging operations, after the relaxation of travel restrictions across most countries, said CLI.

This was further boosted by contributions from a newly acquired business park and data centre in China, as well as student accommodation properties in the United States, though the absence of contributions from properties divested in Japan, Singapore and China in 2021 partially offset it.

No dividends were declared this time, the same as last year.

"The group will remain focused on growing its fee income businesses of fund and lodging management, underpinned by a well-diversified investment portfolio across asset classes and capital partners," said the company in its results announcement.