CLMT 1Q net profit rises to RM33.49mil on higher occupancies, positive rental reversions

KUALA LUMPUR: Capitaland Malaysia Trust's (CLMT) net profit for the first quarter ended March 31, 2024 (1Q 2024) rose to RM33.49 million from RM12.04 million a year earlier.

Revenue rose 42.5 per cent to RM111.88 million from RM78.49 million previously, the real estate investment trust said.

In a filing with Bursa Malaysia today, CLMT said the significant revenue increase was mainly due to the full quarter revenue contribution from Queensbay Mall, higher occupancies and positive rental reversions.

"Net property income for 1Q 2024 was RM64.0 million, up 63.0 per cent from the same period a year ago,” the filing said.

In a separate statement, CapitaLand Malaysia REIT Sdn Bhd (CMRM) chief executive officer Tan Choon Siang said CLMT had "a solid quarter in 1Q 2024 from its retail assets through proactive asset management.”

The CLMT manager said it has completed refurbishing the Gurney Plaza entrance driveway and introduced more dining options at 3 Damansara.

CMRM also announced the accretive acquisition of three Johor industrial properties that are expected to contribute positively to CLMT’s earnings on completion in 4Q 2024, Tan said.

"As we press ahead with our portfolio reconstitution strategy, we will continue to strengthen our balance sheet through disciplined capital management,” he added.

CLMT has increased distribution per unit by 36.8 per cent to 1.19 sen for 1Q 2024 from 0.87 sen in the same quarter last year.

"Distributable income for 1Q 2024 was RM33.6 million, 69.8 per cent higher than the RM19.8 million in 1Q 2023,” the manager said. - Bernama

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