SINGAPORE - Higher rents and refurbishment works at its properties boosted Malaysian mall landlord CapitaMalls Malaysia Trust's performance (CMMT) in the second quarter.
Its distribution per unit (DPU) was 2.21 sen for the three months to June 20, up 1.8 per cent from the same period last year, said CapitaMalls Malaysia Reit Management, the trust's manager, on Thursday.
The trust, which is listed on the Bursa Malaysia exchange, has a portfolio of four malls: Gurney Plaza in Penang, Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Pahang.
Distributable income for the second quarter rose 2 per cent to 39.3 million ringgit from a year ago.
Renovations that were carried out to reconfigure units at East Coast Mall also helped lift net property income for the three-month period by 1.4 per cent to 51.2 million ringgit from the previous year, said CMMT.
This brought the trust's gross revenue up 4.9 per cent to 78.2 million ringgit in the same period.
Mr David Wong, chairman of the trust's manager, said that private consumption is expected to be supported by a healthy labour market in Malaysia, as well as growth in wages.
"Thus, despite the higher cost pressures, we are confident that our portfolio of well-diversified necessity malls will continue to deliver a stable performance in the second half of this year," said Mr Wong.
Net asset value per unit before income distribution was 1.28 ringgit as at June 30.
For the six months to June 30, DPU was up 4.1 per cent from the same period a year ago to 4.53 sen, and will be paid to unitholders on Aug 29, said CMMT.
Net property income for the first half of the year came in 1.6 per cent higher at $103.7 million ringgit.
CMMT's units closed one sen down at 1.48 ringgit on Thursday.