CapitalMalls net profit down 13%

KUALA LUMPUR: CapitaMalls Malaysia Trust’s (CMMT) net profit for its second quarter ended June 30 (2QFY13) fell 13.95% to RM114.28 million from a year earlier.

The decline came as the retail-centred real estate investment trust (REIT) registered lower property revaluation gains.

In a filing with Bursa Malaysia last Friday, CMMT said its 2QFY13 net profit compares with the previous corresponding quarter’s RM132.82 million. Revenue, however, was higher at RM74.55 million against RM71.38 million.

“The increase was mainly due to higher gross rental income on the back of higher rental rates achieved from new and renewed leases,” said CMMT.

For 2Q, CMMT registered a revaluation gain of RM77.9 million compared with RM98.38 million a year earlier.

CMMT’s cumulative net profit for the first half (1H) of FY13 fell to RM150.13 million from RM167.26 million in the previous corresponding period.

The REIT plans to make an income distribution of 4.35 sen per unit for 1H. The payout comprises a taxable portion of 4.32 sen and tax-exempt portion of 0.03 sen.

This article first appeared in The Edge Financial Daily, on July 22, 2013.


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