SINGAPORE (THE BUSINESS TIMES) - CapitaLand Mall Trust (CMT) saw a big drop in rental income arising from the rental waivers of $74.1 million granted to tenants affected by the Covid-19 pandemic, as well as lower gross turnover rent and carpark income during the "circuit-breaker" period, its manager said in a regulatory filing on Wednesday (July 23).
This led distribution per unit (DPU) to falll 27.7 per cent to 2.11 cents for its second quarter ended June 30, from 2.92 cents a year ago.
Gross revenue was down 39.8 per cent to $114.1 million for the second quarter, from $189.5 million a year earlier.
Net property income (NPI) almost halved to $68.1 million for the quarter, from $133.2 million in the year-ago period.
Distributable income declined 27.5 per cent year on year to $78.1 million, from $107.7 million.
The distribution will be paid out on Aug 28, after books closure on July 30.
For the half year ended June 30, DPU was lower at 2.96 cents, versus 5.80 cents a year ago, and distributable income fell 48.7 per cent to $109.7 million.
Meanwhile, gross revenue fell 16.7 per cent to $318.4 million, while NPI eased 20.8 per cent to $216.4 million for the half year.
In view of the "challenging" operating environment due to the pandemic, CMT has retained $46.4 million of its taxable distributable income for the first half of this year, its manager said.
In addition, capital distribution of $4.8 million for the period from Aug 14, 2019, to Dec 31, 2019, received from CapitaLand Retail China Trust (CRCT) in the first quarter of this year had been retained for general corporate and working capital purposes.
As at June 30, CMT owns a 10.9 per cent stake in CRCT.
In the first half of last year, CMT had retained $9.2 million of its taxable distributable income for fiscal 2019. Capital distribution and tax-exempt income distribution of $5.9 million received from CRCT in the first quarter of 2019 had also been retained for general corporate and working capital purposes, CMT's manager added.
CMT units closed unchanged at $2.02 on Wednesday.