CapitaLand Mall Trust's Q2 DPU up 0.4%

CAPITALAND Mall Trust (CMT) reported on Friday a 0.01 Singapore cent increase of its distribution per unit (DPU) to 2.75 Singapore cents for the second quarter of the year.

For the three months ended June 30, 2017, the indirect wholly owned subsidiary of CapitaLand Limited's net property income stood at S$117.6 million, up 1.2 per cent from a year ago. Distributable income was up 0.1 per cent to S$97.2 million for Q2 2017.

CMT, however, reported a 1.3 per cent decrease in its Q2 gross revenue to S$168.6 million, mainly due to Funan Mall, which ceased operations for redevelopment from July 1, 2016. CMT's H1 2017 gross revenue was down 2.9 per cent to S$340.7 million.

For H1 2017, DPU was up 0.01 Singapore cent to 5.48 Singapore cents. Distributable income was S$194.2 million, a 0.2 per cent increase from a year ago, but net property income was down 2.6 per cent to S$237.6 million.

Based on CMT's closing price of S$2 per unit on July 20, the annualised distribution yield for Q2 2017 was 5.52 per cent. CMT said that unitholders can expect to receive their DPU for Q2 2017 on Aug 29.

CMT is the first real estate investment trust (Reit) listed on the Singapore Exchange in July 2002. It is also the largest retail Reit by market capitalisation, S$7 billion (as at June 30, 2017) in Singapore.