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CapitaMalls Malaysia 4Q distributable income rose to RM24.8m

KUALA LUMPUR: CapitaMalls Malaysia REIT Management Sdn Bhd (CMRM), the managers of CapitaMalls Malaysia Trust (CMMT), announced on Friday, Jan 21 that CMMT's fourth quarter (4Q) income for the year ending 2010 rose to RM24.8 million. Its distribution per unit (DPU) exceeds forecast by 3.4%.

In a statement released by CMRM, the unitholders can expect to receive their first distribution of 3.4 sen per unit for FYE Dec 31, 2010 on Feb 25, 2011.

CMRM chairman Kee Teck Koon said: "We are pleased to have delivered a strong set of results which exceeded our forecast for the year. Looking ahead to the rest of this year, Malaysia's economy is projected to grow 5.3%, driven by domestic demand and investments from the government's Economic Transformation Programme (ETP).

"Retail sales in Malaysia are expected to increase in tandem by about 5.0% this year. With our quality portfolio of three strategically located shopping malls in the higher-growth urban centres of Penang, Kuala Lumpur and Selangor, CMMT is well positioned to capitalise on the expansion in Malaysia's retail sector."

CMRM CEO Sharon Lim said the strong operating performance demonstrated the fund's ability to proactively manage assets and create value for unitholders. "Our malls maintain close to full occupancy, while shopper traffic grew 16.2% for 4Q 2010 compared to the year before. We will continue to explore asset enhancements and space optimisation of our current portfolio.

"In view of the positive macroeconomic outlook for Malaysia this year, CMMT is confident of achieving our forecast DPU of 7.45 sen this year as stated in our prospectus. This year, we also expect to complete our proposed acquisition of Gurney Plaza Extension.

"Our sponsor CapitaMalls Asia's recent acquisition of Queensbay Mall in Penang will form the seed asset for its planned RM1.0 billion Malaysia retail property fund, which will provide a pipeline of assets for CMMT to acquire. In addition, CMMT will continue to actively pursue acquisition opportunities on our own, to increase our asset size and strengthen our position as Malaysia's largest 'pure-play' shopping mall REIT," she added.
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