CapitaMalls Malaysia Trust has RM21.1m for distribution

KUALA LUMPUR: CapitaMalls Malaysia Trust's (CMMT) has achieved RM21.1 million income available for distribution for the quarter from July 14, 2010 to Sept 30, 2010.

In a press statement on Friday, Oct 15, its manager CapitaMalls Malaysia REIT Management (CMRM) Sdn Bhd said this translates into available distribution per unit (DPU) for 3Q 2010 of 1.56 sen.

“With an annualised DPU of 7.22 sen, CMMT is on track to achieve its forecast DPU of 7.16 sen for Forecast Period 2010 as stated in its listing prospectus. The annualised distribution yield based on CMMT's closing price of RM1.11 per unit on October 15 is 6.5%,” it noted.

The manager stated in its prospectus earlier that it intends to distribute 100% of its income available for distribution to its unitholders for Forecast Period 2010. CMMT's first distribution will be paid by Feb 28, 2011.

The fund's net profit for its third quarter ended Sept 30, 2010 (3QFY10) stood at RM81.29 million.

Its revenue for the quarter was RM43.4 million, while net property income at RM30.3 million.

Going forward, Chairman of CMRM Kee Teck Koon said Malaysia's retail industry is expected to grow 6.1% this year, the fastest growth in three years.

“With an attractive portfolio of three strategically located shopping malls in Penang, Kuala Lumpur and Selangor, CMMT is well positioned to benefit from the expected growth in retail consumption in Malaysia,” he added.