High occupancies buoy CapitaMall Trust's Q2 earnings

High occupancy rates across its 16 malls, including Junction 8 (pictured), buoyed incomes for CapitaMall Trust (CMT) in the second quarter. -- PHOTO: CAPITAMALL TRUST 
High occupancy rates across its 16 malls, including Junction 8 (pictured), buoyed incomes for CapitaMall Trust (CMT) in the second quarter. -- PHOTO: CAPITAMALL TRUST 

SINGAPORE - High occupancy rates across its 16 malls buoyed incomes for CapitaMall Trust (CMT) in the second quarter.

Distribution per unit (DPU) for the three months ended June 30 was 2.69 cents, 6.3 per cent higher than in the preceding year.

Net property income rose 4.4 per cent to $114 million while distributable income climbed 6.5 per cent to $93.4 million in the period from the previous year.

The real estate investment trust (Reit) has malls such as Plaza Singapura, Junction 8 and Rivervale Mall in its portfolio. It also owns 40 per cent of Raffles City Singapore.

Mr Wilson Tan, chief executive of the trust manager, said in a statement on Wednesday that ongoing upgrading works for Bugis Junction, Tampines Mall and IMM Building in Jurong were progressing well.

CMT plans to begin refurbishing Bukit Panjang Plaza, he added.

Mr Tan also said the reit has also begun marketing a new retail zone called J.Avenue at its JCube mall in Jurong and has received a "very encouraging" response from retailers.

J.Avenue will open in stages from September this year and will have a "street shopping ambience", he said.

CMT units fell one cent to $2.