Better numbers on revenue and net property income have helped CapitaLand Mall Trust (CMT) lift its second-quarter distribution per unit (DPU).

DPU was up 3.9 per cent to 2.92 cents for the three months to June 30, the trust manager said yesterday before the market opened.

Net property income grew 10.2 per cent in the period to $133.2 million, while gross revenue was up 10.6 per cent to $189.5 million over the same three months last year.

The improvement in gross revenue was mainly due to the completion of CMT's acquisition of the remaining 70 per cent in Westgate shopping mall on Nov 1 last year.

This contributed $18.4 million in gross revenue, while the reopening of Funan mall after a three-year redevelopment chipped in $900,000.

The increase was partially offset by lower gross revenue from Sembawang Shopping Centre, which was divested in June last yer.

The Reit's occupancy rate stood at 98.3 per cent as at June 30.

Mr Tony Tan, chief executive of the Reit's manager, said the contributions from Westgate and Funan are expected to "anchor CMT's steady financial performance" as the trust starts revamping Lot One Shoppers' Mall this quarter.

DPU for the half-year was up 3.8 per cent to 5.8 cents over the same period last year, while net property income rose 10.9 per cent to $273.3 million.

Mr Tan added that CMT "remains cautious", adding: "Competition for the consumer wallet is expected to stay keen with the progressive opening of new malls, although the supply of new retail space is projected to taper off from 2020."

Citi analysts Brandon Lee and Goh Si Xian said CMT's second-quarter performance reflects a mixed retail climate, where "positive reversions and higher traffic" imply Jewel Changi Airport's impact has not been as negative as expected.

"But higher operating expenses and weaker sales suggest competition for tenants remains high. CMT remains one of our top S-Reit picks," they added.

CMT units closed up 1.54 per cent to $2.64 yesterday.