SINGAPORE - CapitaLand Mall Trust (CMT) posted a stable first quarter distribution per unit (DPU) despite a fall in gross revenue and net property income.
The DPU for the three months ended March 31 came in at 2.73 Singapore cents, unchanged from a year ago, the trust manager said on Thursday (April 20).
First quarter revenue, however, slipped 4.3 per cent year-on-year to S$172.02 million due to the redevelopment of the Funan mall, which ceased operations from July 2016.
This pushed net property income lower to S$120.06 million, down by 6.1 per cent from the S$127.86 million recorded in the first quarter of 2016.
As at March 31, CMT's portfolio occupancy remained high at 97.7 per cent, the trust manager CapitaLand Mall Trust Management noted.
Its portfolio comprises 16 shopping malls here including Tampines Mall, Junction 8, IMM Building, Plaza Singapura and Bugis Junction.
The counter closed one cent lower to S$2.01 on Thursday before the earnings were announced.