KUALA LUMPUR: CAPITALAND MALAYSIA MALL TRUST (CMMT) reported lower income in the last quarter ended Dec 31, 2019 amid lower occupancies at its properties in the Klang Valley.
Revenue slipped 1.3% to RM85.8mil, while operating expenses shot up 5.5% to RM36mil in the fourth quarter.
The lower revenue and increased cost resulted in a 5.6% drop in net property income (NPI) to RM49.8mil.
For the full year, it reported NPI of RM202.1mil.
"Higher year-on-year revenue from Gurney Plaza, East Coast Mall and Tropicana City Office Tower partially mitigated lower contributions from the Klang Valley shopping malls (Sungei Wang, The Mines and 3 Damansara)," it said in a statement today.
Distributable income for FY19 was RM128mil and distribution per unit (DPU) was 6.25 sen.
Capitaland Malaysia Mall REIT Management Sdn Bhd's CEO Low Peck Chen said both Gurney Plaza and East Coast Mall continued to chart year-on-year growth in FY19.
"The sustained growth of both the malls, which collectively accounted for about 75% of CMMT’s NPI, has helped to moderate the lower contribution from our Klang Valley malls that have been affected by rising competition," she said in the statement.
"With the recent opening of JUMPA @ Sungei Wang, we expect Sungei Wang’s revenue contribution to improve gradually going forward.”
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