CMT tenants' sales down 3.3% in Q2

CAPITAMALL Trust - Singapore's largest shopping centre real estate investment trust - yesterday said that tenants' sales fell 3.3 per cent in the quarter ended June 30. Shopper traffic at its malls too was down 2 per cent in the same period.

It revealed this at a results briefing after announcing a 6.3 per cent year-on-year increase in second-quarter distribution per unit (DPU) to 2.69 Singapore cents. That translates to an annualised distribution yield of 5.37 per cent based on the counter's S$2.01 closing price on Tuesday. The counter ended one Singapore cent lower at S$2 yesterday. CMT released its results before the stock market opened.

Standard Chartered Equity Research yesterday maintained "underperform" call on the counter. "While CMT has underperformed the sector . . . we believe the weak outlook and capital expenditure requirements may not be fully pr…