SINGAPORE - CapitaLand Mall Trust (CMT) posted distribution per unit (DPU) of 2.88 Singapore cents for the fourth quarter ended Dec 31, 2016, unchanged from a year ago.

This was despite a 6.1 per cent fall in gross revenue to S$169.3 million. Net property income (NPI) also weakened 7.6 per cent to S$116.2 million.

For for the full-year, CMT recorded S$689.7 million and S$479.7 million in gross revenue and NPI respectively, a growth of 3.1 per cent and 2.9 per cent as compared to the same period last year.

The increase was mainly due to the acquisition of Bedok Mall on Oct 1, 2015, and higher rental achieved for IMM Building, Tampines Mall and Bukit Panjang Plaza, after asset enhancement works. This was offset by lower gross revenue from Funan, as the mall ceased operations for redevelopment, and divestment of Rivervale Mall on Dec 15, 2015.

Full-year DPU dipped 1.1 per cent to 11.13 cents.

Unitholders can expect to receive their DPU for the fourth quarter on Feb 28. Based on CMT's closing price of S$1.970 per unit on Jan 19, the distribution yield is 5.82 per cent.

Commenting on CMT's results, the trust manager's CEO Wilson Tan said, "Amidst the challenges of softening economic conditions and ongoing business restructuring, CMT has delivered a steady set of results in 2016. As at Dec 31, 2016, our malls registered a high occupancy rate of 98.5 per cent. For FY 2016, tenants' sales per square foot and shopper traffic increased 0.9 per cent and 2.3 per cent respectively year-on-year."

For the fourth quarter, CMT completed the asset enhancement initiatives at Plaza Singapura and Tampines Mall.

Said Mr Tan: "Plaza Singapura now boasts a refurbished mall interior with brighter corridor lighting, new nursing rooms, refreshed lift lobbies and escalator landings, as well as a new shoppers' lounge on Level 1. Similarly, the interior of Tampines Mall and its Level 4 Garden Plaza have been upgraded. Ongoing efforts to refresh the tenant mix at Clarke Quay are progressing well and new tenants added in recent months include Zouk, Red Tail, VLV and Red House. Looking ahead, we will continue to focus on the interiore rejuvenation works at Raffles City Singapore and the development of a new live-work-play paradigm in Funan."