CapitaMall Trust reports 2.6% rise in Q4 DPU

CapitaMall Trust Management on Friday said its distribution per unit (DPU) was up 2.6 per cent to 2.36 cents in the fourth quarter of 2012.

For the full year, unitholders will receive a total of 9.46 cents for the fiscal year, compared to 9.37 cents in 2011.

CapitaMall Trust Management said that for the fourth quarter of 2012, its distributable income grew 5.7 per cent to over S$79 million.

For the full year, distributable income grew 5.1 per cent to more than S$316 million.

Gross revenue rose 10 per cent to S$173.67 million, while net property income increased 14.3 per cent to S$112.91 million during the same period.

The management attributed this to completed asset upgrades in malls like the “[email protected]”, JCube and Bugis+.

Ongoing enhancements in IMM are also expected to contribute positively this year.

The management added that its new Westgate shopping mall at Jurong Gateway is on track to be completed later this year.

Moving forward, the management said that it will look at some of its older malls for possible upgrading opportunities.

Wilson Tan, CEO of CapitaMall Trust Management Limited, said: “This is something important because last year we (were) able to churn out three new asset enhancement exercises, and this is really going to bring us great profits…for 2013, so asset enhancement is an exercise we will continue to do.”

Source : Channel NewsAsia – 18 Jan 2013

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