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CapitaLand Mall Trust Q2 DPU down 27.7% to 2.11 S cents

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CapitaLand Mall Trust's distribution per unit fell 27.7 per cent to 2.11 Singapore cents for its second quarter ended June 30, from 2.92 cents a year ago.

CAPITALAND Mall Trust's (CMT) distribution per unit (DPU) fell 27.7 per cent to 2.11 Singapore cents for its second quarter ended June 30, from 2.92 cents a year ago.

Gross revenue was down 39.8 per cent to S$114.1 million for the second quarter, from S$189.5 million a year earlier.

Net property income (NPI) almost halved to S$68.1 million for the quarter, from S$133.2 million in the year-ago period.

This was mainly due to lower gross rental income arising from the rental waivers of S$74.1 million granted by CMT to tenants affected by the Covid-19 pandemic, as well as lower gross turnover rent and carpark income during the "circuit-breaker" period, the manager said in a regulatory filing on Wednesday.

Distributable income declined 27.5 per cent year on year to S$78.1 million, from S$107.7 million. This included the release of S$23.2 million, or one-third of the S$69.6 million taxable distributable income retained in Q1 2020, the manager said.

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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 Singapore cents, versus 5.80 cents a year ago, and distributable income fell 48.7 per cent to S$109.7 million.

Meanwhile, gross revenue fell 16.7 per cent to S$318.4 million, while NPI eased 20.8 per cent to S$216.4 million for the half year.

In view of the "challenging" operating environment due to the pandemic, CMT has retained S$46.4 million of its taxable distributable income for the first half this year, its manager said.

In addition, capital distribution of S$4.8 million for the period from Aug 14, 2019 to Dec 31, 2019 received from CapitaLand Retail China Trust (CRCT) in Q1 2020 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 H1 2019, CMT had retained S$9.2 million of its taxable distributable income for fiscal 2019. Capital distribution and tax-exempt income distribution of S$5.9 million received from CRCT in Q1 2019 had also been retained for general corporate and working capital purposes, CMT's manager added.

CMT units closed at S$2.02 on Tuesday, up S$0.01 or 0.5 per cent.

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