CapitaMall Trust Q1 distribution per unit rises 13.2% on year to 2.23 cents

CapitaMall Trust (CMT) says its first quarter distribution per unit increased 13.2 per cent on-year to 2.23 cents.

It announced a DPU of 1.97 cents in the year-ago period.

First quarter distributable income rose 13.6 per cent on-year to S$71.1 million dollars, while net property income gained 5.7 per cent to S$97.6 million dollars.2

CMT says the improved performance was mainly due to higher gross revenue.

The trust booked full contribution from Sembawang Shopping Centre, after asset enhancement works were completed.

In addition, higher rental rates for new and renewed leases, as well as lower operating and interest expenses, boosted its bottomline.

CMT adds that it is constructing a new 2-storey food and beverage annex block in Junction 8.

The annex block will bring in a net lettable area of about 3,500 square feet.

For its property at Tampines Mall, CMT will reconfigure some retail units and relocate an existing taxi stand.

Such initiatives are expected to be completed by end 2010.

Unitholders will receive their DPU on May 27th.

Source : Channel NewsAsia – 21 Apr 2010