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- Its portfolio occupancy improved to 89.2% as at March 31, compared with 85.9% as at the end of December last year. Retail occupancy also expanded to 85.6% from 84.3% as at Dec 31.
KUALA LUMPUR (April 27): CapitaLand Malaysia Trust’s (CLMT) net property income (NPI) increased by 8.8% to RM39.2 million for the first quarter ended March 31, 2023 (1QFY2023) from RM36.1 million a year ago, driven by higher revenue contribution from most of its properties, supported by a sustained recovery in retail sentiment, as well as contributions from Valdor Logistics Hub and the newly acquired Queensbay Mall.
The trust’s revenue for the quarter rose 16.12% to RM78.49 million from RM67.59 million.
In a statement, CLMT said its distributable income decreased by 3.1% to RM19.8 million or a distribution per unit (DPU) of 0.87 sen, from RM20.45 million or a DPU of 0.95 sen, mainly due to higher utilities and interest costs.
Its portfolio occupancy improved to 89.2% as at March 31, compared with 85.9% as at the end of December last year. Retail occupancy also expanded to 85.6% from 84.3% as at Dec 31.
While the retail sector is poised to benefit further from the anticipated revival of international tourism, CLMT is mindful of the impact of higher costs of living on business and consumer sentiment, according to CapitaLand Malaysia REIT Management Sdn Bhd chairman Lui Chong Chee.
“We remain committed to adopt proactive asset and capital management strategies to reinforce CLMT competitiveness, while maintaining cost efficiencies to mitigate the impact of rising costs,” he added.
CMRM is the manager of CLMT.
At the market close, shares of CLMT were five sen or 0.97% higher at 52 sen on Thursday. Its market capitalisation stood at RM1.38 billion.
