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CapitaLand Mall Trust Q1 DPU up 1.8% at 2.78 Singapore cents

CAPITALAND Mall Trust (CMT) has posted a first-quarter distribution per unit (DPU) of 2.78 Singapore cents, up 1.8 per cent from 2.73 Singapore cents in the same period last year.

Gross revenue in the three months ended March 31 was S$175.2 million, up 1.8 per cent on higher occupancy for IMM Building, Clarke Quay, The Atrium@Orchard and Plaza Singapura, as well as higher car park income.

Net property income rose 4.7 per cent to S$125.7 million.

CMT's malls saw a 2.1 per cent fall in shopper traffic in the first quarter from the same period a year earlier. Tenants' sales per square foot also dipped 0.2 per cent.

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Portfolio occupancy was 98.9 per cent as at March 31.

Earnings per unit was 3.11 Singapore cents.

Net asset value per unit was S$1.96 as at March 31.

Chief executive of the Reit manager Tony Tan said: "During the quarter, Raffles City Singapore completed enhancement works for the interior of its mall, including the lift lobbies, as part of ongoing effort to uplift the overall shopping experience. The revamped Level 3 Atrium, which reopened with a new garden-themed cafe, has been well-received by the public."

CMT has also started its latest phase of asset enhancement works at Tampines Mall to create a new food and beverage duplex and refresh the walkway. This round of works is slated to be completed by the fourth quarter.

On Thursday, CMT said it was divesting Sembawang Shopping Centre for S$248 million.

The counter fell two Singapore cents or 0.94 per cent to S$2.10 on Friday before results were released.

At a price of S$2.10 per unit, the annualised distribution yield for the first quarter was 5.37 per cent, CMT said.