CapitaMall Trust’s distributable income grows 5.5% year-on-year

CapitaMall Trust Management Limited, the manager of CapitaMall Trust announced on Wednesday that it had achieved distributable income of S$79.6 million for the period 1 April to 30 June 2012 (2Q 2012), up 5.5% compared to S$75.5 million for the same period in 2011.

Distribution per unit (DPU) for the second quarter was 2.38 cents, up 0.8 per cent from a year ago on the back of higher rents.

Gross revenue grew 3.7 per cent year on year to S$165.5 million last quarter, while net property income for the second quarter increased 5.2 per cent to S$112.0 million over the same period last year.

251 leases were renewed in the first half of 2012, rising 6.4 per cent over preceding rental rates contracted three years ago.

CapitaMall Trust CEO Wilson Tan said the trust expects rental reversions to remain around 6 per cent for the second half of the year.

“I believe consumer sentiment is fairly muted at this juncture. Having said that given all the market sentiment that were observing and seeing, we feel that retail spending seems to be at a very even keel,” he said.

“Having said that, there will be areas where we want to go out and drive business. The areas would be how we can continue to increase traffic count, increase traffic into the malls itself, how we make our malls relevant.”

Given the continuing global economic uncertainty, CapitaMall Trust will be focusing on ways to make its malls more attractive.

It is in the midst of works to enhance Bugis+, The Atrium@Orchard, Clarke Quay and IMM Building.

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