Thursday 28 Mar 2024
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KUALA LUMPUR: CapitaMalls Malaysia Trust (CMMT) has announced a distribution per unit (DPU) of 2.26 sen for the fourth quarter ended Dec 31, 2014 (4QFY14), which is 0.9% higher than the DPU of 2.24 sen for the previous corresponding quarter.

For 4QFY14, CMMT (fundamental: 1.8; valuation: 1) posted a net property income of RM54.6 million. The steady performance was mainly due to the contribution from East Coast Mall, which had completed a two-phase asset enhancement programme, said the manager of the property trust in a statement.

For the full financial year ended Dec 31, 2014 (FY14), CMMT recorded a stable DPU of 8.91 sen — 0.7% higher than the DPU of 8.85 sen for FY13. The FY14 DPU translates to an annualised distribution yield of 6.2% based on CMMT’s closing price of RM1.43 per unit on Jan 19, 2015.

Unitholders can expect to receive the total DPU of 4.38 sen per unit (for the period from July 1, 2014 to Dec 31, 2014) on Feb 27.

“For this year, Malaysia’s economy is expected to grow by 4.5% to 5.5%, driven mainly by domestic demand. We expect retail sales in Malaysia to continue to be stable as the government has lined up several measures to boost private consumption.

“Our malls are essentially focused on necessity shopping. This has proven to be resilient during uncertain times. As such, CMMT is confident of delivering sustainable returns to our unitholders in 2015,” said David Wong Chin Huat, chairman of CapitaMalls Malaysia REIT Management Sdn Bhd, which is the manager of CMMT.

CMMT is a “pure-play” shopping mall real estate investment trust, owning four shopping malls namely Gurney Plaza in Penang, a majority interest in Sungei Wang Plaza in Kuala Lumpur, The Mines in Selangor and East Coast Mall in Kuantan, Pahang.

 

This article first appeared in The Edge Financial Daily, on January 21, 2015.

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