CMMT sees subdued business, consumer sentiments in 2021 

KUALA LUMPUR: Capitaland Malaysia Mall Trust (CMMT), the owner of the Mines and Sungei Wang Plaza, posted a net loss of RM84.5mil for the year ended Dec 31, 2020.

Net property income fell by a third to RM133mil, largely due rental relief given to eligible tenants and higher vacancies at its malls.

Distributable income for FY20 was RM61.8mil and distribution per unit (DPU) was three sen.

“Covid-19 has hit Malaysia’s retail sector hard and CMMT’s FY 2020 results reflected the impact of these challenges," David Wong, the chairman of Capitaland Malaysia Mall REIT Management Sdn Bhd said.

"Given the economic uncertainties, we expect business and consumer sentiments to remain subdued in 2021," he said in a statement today.

Under the reinstated MCO from Jan 13, 2021 only essential services tenants and other allowable trades are open in all of CMMT malls.

CMMT's portfolio includes Gurney Plaza in Penang; three in Klang Valley – a majority interest in Sungei Wang Plaza in Kuala Lumpur; 3 Damansara and 3 Damansara Office Tower in Petaling Jaya; and The Mines in Seri Kembangan; and East Coast Mall in Kuantan, Pahang.

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