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BUSINESS

CapitaLand Malaysia Trust's Q2 net profit more than doubles

22/07/2022 07:24 PM

KUALA LUMPUR, July 22 (Bernama) -- CapitaLand Malaysia Trust's (CLMT) net profit more than doubled to RM23.12 million in the second quarter (Q2) ended June 30, 2022, from RM11.49 million a year earlier.

Its manager, CapitaLand Malaysia REIT Management Sdn Bhd (CMRM), said the real estate investment trust’s (REIT) revenue also improved to RM68.32 million from RM52.71 million previously.

CLMT, which comprises five shopping malls and a complementary office block, recorded higher gross revenue due to continued improvement in retail sentiment and the absence of movement control in the quarter under review versus the same quarter last year, it said in a filing with Bursa Malaysia today.

The REIT’s net property income for Q2 2022 surged 41.6 per cent year-on-year (y-o-y) to RM37.43 million.

“Overall, distributable income to unitholders for Q2 2022 was RM21.6 million, an increase of RM11.0 million or 104.2 per cent against Q2 2021,” CMRM said.

On prospects, the manager said it would continue to strive for healthy portfolio occupancy and sustainable rental income through proactive portfolio and asset management while actively pursuing inorganic growth opportunities with financial discipline. 

“It also remains committed to deliver long-term and sustainable income distributions to unitholders,” it added.

Meanwhile, in a separate filing, CMRM announced a distributable income of RM42.0 million for the period Jan 1, 2022, to June 30, 2022 (1H 2022), up 131.5 per cent from the RM18.2 million distributed for the same period last year. 

The H1 2022 distribution per unit was 1.95 sen, up 126.7 per cent y-o-y, it said.

“The better performance in H1 2022 was mainly due to the recovery in retail sentiment as tenants’ businesses gradually returned to normalcy,” the company said. 

-- BERNAMA

 

 


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