CLMT posts higher distributable income of RM87.50mil for FY22

KUALA LUMPUR: CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), the manager of Capitaland Malaysia Trust (CLMT), posted a higher distributable income of RM87.50 million for the financial year ended Dec 31, 2022 (FY2022) compared with RM39.03 million recorded in FY2021.

Net property income also rose by 47.9 per cent to RM152.51 million from RM103.14 million previously driven by high revenue contribution from most of CMLT’s properties amidst a continued recovery in retail sentiment, it said in a filing with Bursa Malaysia today.

It said distribution per unit (DPU) for FY2022 rose to 4.01 sen per unit compared with 1.84 sen per unit in the previous year.

Chief executive officer Tan Choon Siang said the addition of its maiden logistics property, Valdor Logistics Hub, in the fourth quarter of 2022 (4Q2022) is timely in diversifying CLMT’s income streams.

The fully-tenanted logistics hub in Penang has begun contributing to the company’s income from December 2022.

Additionally, he said the proposed acquisition of Queensbay Mall, which is expected to be fully completed by the first quarter of 2023, would further bolster CLMT’s income resilience going forward.

"Maintaining a healthy balance sheet is key to the nimble execution of our portfolio and asset management strategies amidst the uncertainties.

"We will remain prudent in our capital management and review any investment opportunity with financial discipline,” he said.

Meanwhile, in a virtual media briefing on the result, Tan said the company is optimistic about its 2023 outlook despite macro environment challenges with rising inflationary pressure, higher cost of living and increasing interest rates.

"If you look at our individual assets, which are five malls under our portfolio, the trend is currently in our favour for the last two quarters.

"Occupancy and footfall has been inching up and these things tend to have a momentum of itself when more tenants sign up, which is actually an encouraging sign,” he added. - Bernama

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