Corporate digest

CapitaLand Mall Trust

CAPITALAND Mall Trust posted a distributable income of S$96.7 million for the first quarter ended March 31, up 4.2 per cent from a year ago. This translates into a distribution per unit of 2.73 Singapore cents, 1.9 per cent higher than the 2.68 Singapore cents for Q1 2015. Based on an annualised DPU of 10.98 Singapore cents and CMT's closing price of S$2.170 per unit on April 15, the annualised distribution yield for Q1 2016 was 5.06 per cent.

Wilson Tan, CEO of CapitaLand Mall Trust Management Ltd, said that despite the challenging macro environment, CMT registered 4.9 per cent growth in shopper traffic and 4.6 per cent in tenants' sales in the first quarter. Portfolio occupancy as at March 31 remained high at 97.7 per cent. Gross revenue grew 7.4 per cent to S$179.8 million, mainly due to the acquisition of Bedok Mall last Oct 1; higher rentals from IMM Building; and from new and renewed leases from other malls. This was partially offset by lower gross revenue from JCube due to lower occupancy, and the absence of recurring income from Rivervale Mall following its divestment on Dec 15. Net property income increased 8.6 per cent to S$127.9 million.