CapitaMalls Malaysia Trust (CMMT) CEO Sharon Lim (right) gestures while CMMT Head of Finance Low Peck Chen (centre) and CMMT Assistant Vice President, Investment & Asset Management Tng Wei Chien looks on during the FY 2013 results briefing. – IZZRAFIQ ALIAS / The Star. January 23, 2014
KUALA LUMPUR: CapitaMalls Malaysia Trust (CMMT) achieved a distribution per unit (DPU) of 2.24 sen for the fourth quarter of financial year 2014 ended Dec 31, 2013, 6.2% higher than the 2.11 sen in the previous corresponding quarter.
It posted net property income of RM54.8mil for the quarter, a 10.8% hike from RM49.5mil recorded in the same quarter in 2012.
It recorded gross revenue of RM78.8mil, up 6.8% year-on-year due to higher rental rates from new and renewed leases.
CapitaMalls Malaysia REIT Management Sdn Bhd chief executive officer Sharon Lim – the manager of CMMT – also attributed the improved performance to the completion of Phase 1 asset enhancement works at East Coast Mall in Kuantan, a two-phase project costing RM60mil, slated to be completed by December.
“We expect at least 8% return on investment from all enhancement works,” Lim told StarBiz.
For the financial year 2013, CMMT recorded a DPU of 8.85 sen, 4.9% more than 8.44 sen for FY12.
Lim added that unit holders could expect to receive the total DPU of 4.5 sen from July to December 2013, on March 7, 2014.
She said that the total DPU of 8.85 sen for FY13 would translate into an annualised distribution yield of 6.5% based on CMMT’s closing price of RM1.36 per unit on Wednesday.
“Retail sales will grow in tandem with the gross domestic product. Our diversified portfolio will keep our financial results healthy,” Lim said. CMMT manages Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan, Pahang, a portfolio with a total net let table area of over 2.5mil sq ft.