CMMT records net property income of RM50.6 million for 3Q 2014
Distribution per unit of 2.12 sen for the quarter
Kuala Lumpur, 21 October 2014– CapitaMalls Malaysia REIT Management Sdn. Bhd. (“CMRM”), the manager of CapitaMalls Malaysia Trust (“CMMT”), announced today that CMMT achieved net property income of RM50.6 million for the quarter ended 30 September 2014 (“3Q 2014”).
Distributable income was RM37.7 million. The distribution per unit (“DPU”) for 3Q 2014 was therefore 2.12 sen. The annualised DPU of 8.41 sen translates to an annualised distribution yield of 5.9% based on CMMT’s closing price of RM1.43 per unit on 20 October 2014.
As CMMT’s DPU is paid out on a half yearly basis, unitholders can expect to receive their DPU for 3Q 2014, along with their DPU for the quarter ending 31 December 2014, by February 2015.
Mr David Wong Chin Huat, Chairman of CMRM, said, “The Malaysian economy is expected to continue its steady growth, having expanded by 6.3% in the first half of 2014 on the back of strong export growth and robust private domestic demand. Given the strong first-half performance, the Finance Ministry has upgraded the forecast for full-year growth to between 5.5% and 6.0%1 . Retail sales are also expected to grow 6.0% 2 this year. These positive macro developments will help to mitigate the current cost pressures faced by the industry.”
Ms Low Peck Chen, CEO-designate of CMRM, said, “We had full quarter contributions from the newly reconfigured units of Phase 1 asset enhancement works at East Coast Mall. We are continuing with Phase 2 of the asset enhancement works, which includes extending the alfresco area and reconfiguring the ground, first and second floors to improve the mall’s trade mix. When completed, these improvements will provide a boost to our net property income.”
“Sungei Wang Plaza’s net property income is being affected by the ongoing Mass Rapid Transit works nearby in the short term. However, the mall will stand to reap the benefits from the increased flow of shopper traffic when the MRT station is expected to become operational in 2017. Despite the temporary impact to Sungei Wang Plaza and external cost pressures, such as higher electricity tariffs, we remain confident that the consistent performance of the other malls in our geographically diversified portfolio will help to cushion the impact and continue to provide stable returns for unitholders.”
Summary of CMMT’s results
Periods: 1 July to 30 September (“3Q”) and 1 January to 30 September (“YTD”)