CMMT posts Q2 income of RM52mil


East Coast Mall in Kuantan, Pahang, is one of the malls in CapitaMalls Malaysia Trust's (CMMT),portfolio. -Filepic

East Coast Mall in Kuantan, Pahang, is one of the malls in CapitaMalls Malaysia Trust's (CMMT),portfolio. -Filepic

PETALING JAYA: CapitaMalls Malaysia Trust (CMMT) posted a net property income (NPI) of RM52.4mil for the second quarter (Q2) ended June 30, 2015, up 2.4% from a year earlier.

“This was on the back of the full quarter contribution from East Coast Mall (in Kuantan) which completed its two-year asset enhancement programme at end-2014, as well as higher rental reversions from many new and renewed leases,” said the manager, CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM).

However, the shopping mall-focused real estate investment trust’s Q2 net profit of RM88.63mil was 15.5% lower than a year earlier due mainly to a lower fair value gain of investment properties.

The valuation surplus recognised during the quarter fell 23.6% to RM52.1mil from the corresponding period a year ago.

Revenue for the quarter, meanwhile, grew 1.8% to RM79.6mil mainly due to contribution from East Coast Mall.

CMMT’s distribution per unit (DPU) for Q2 was 2.18 sen, bringing the total DPU for the the first half-year to 4.43 sen per unit.

The annualised DPU of 8.93 sen for the six-month period translates to an annualised distribution yield of 6.6% based on CMMT’s closing price of RM1.35 per unit on Wednesday.

Corporate News , CapitaMalls , property