CMMT 3Q income falls. Distribution per unit at 2.12 sen

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KUALA LUMPUR (Oct 21): CapitaMalls Malaysia Trust’s (CMMT) distributable income fell 5.7% to RM37.71 million in the third quarter ended Sept 30, 2014, from RM40.01 million in the previous corresponding quarter.
 From the distributable income, the shopping mall real estate investment trust (REIT) has declared a distribution per unit (DPU) of 2.12 sen in the third quarter this year.
 Revenue stood positively flat at RM77.9 million from RM77.4 million previously.
 In a filing with the stock exchange, CMMT said its net property income for the third quarter was RM50.6 million, which was 2.2% lower than in the same quarter last year.
 It said the marginally higher revenue was mainly due to full quarter contribution from its East Coast Mall and higher gross rental income on the back of higher rental rates.
 The REIT noted it has incurred RM13.4 million of capital expenditure during the quarter due to renovation works in Gurney Plaza and East Coast Mall.
 For the nine-month period, distributable income came in at RM118.17 million versus RM117.02 million in the previous corresponding period, while revenue also rose slightly to RM235.1 million, from RM226.3 million a year ago.
 Meanwhile, year-to-date income distribution for the nine-month period came in at 6.65 sen per unit, a marginal increase from 6.61 sen in the previous corresponding period.
 “With improvements in the East Coast Mall, these will provide a boost to our net property income,” said Low Peck Chen, CEO-designate of CapitaMalls Malaysia REIT Management Sdn Bhd, which is the manager of CMMT.
 CMMT closed unchanged at RM1.43 today, with a market capitalisation of RM2.53 billion.