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CapitaMalls Malaysia Trust's Q1 DPU down 3% at 2.25 sen

CAPITAMALLS Malaysia Trust (CMMT) has recorded net property income of RM53.6 million (S$19.7 million) for the quarter ended March 31, up 2.1 per cent compared with the RM52.5 million it recorded for the same quarter last year.

The increase, said CapitaMalls Malaysia Reit Management (CMRM) in a statement on Wednesday, was mainly due to contribution from East Coast Mall in Kuantan, which completed its asset enhancement works.

Distributable income was RM40.0 million, down 2.9 per cent compared with RM41.2 million a year ago. Distribution per unit for the quarter was 2.25 sen, compared with 2.32 sen a year ago.

Low Peck Chen, CEO of CMRM, said: "For the quarter under review, East Coast Mall turned in a solid performance following the completion of its two-year asset enhancement works in 2014, registering 15.7 per cent growth in net property income. This is a reflection of our expertise in enhancing our assets' value to further improve returns for our unitholders.

"This year, we also expect to complete our proposed acquisition of Tropicana City Mall and Tropicana City Office Tower, thereby increasing CMMT's property asset value by approximately 17.3 per cent to about RM3.8 billion, and total net lettable area by approximately 21.6 per cent to about three million square feet."