CapitaLand Mall Trust NPI crashed 20.8% to $216.35m in H1

This was attributed to lower gross rental income arising from the rental waivers granted to tenants.

CapitaLand Mall Trust’s (CMT) net property income (NPI) dropped 20.8% YoY to $216.35m in H1 from $273.25m in 2019, an announcement revealed. Its revenue also fell 16.7% YoY to $318.39m over the same period.

Distributable income plunged 48.7% YoY to $109.72m in H1 from $214m, whilst distribution per unit (DPU) crashed 49% YoY to $0.0296 from $0.058 in 2019.

In Q2, NPI contracted 48.9% YoY to $68.05m from $133.15m in 2019, whilst revenue also fell 39.8% YoY to $114.09m from $189.54m. Distributable income for the quarter dropped 27.5% YoY to $78.13m, whilst DPU declined 27.7% YoY to $0.0211.

The decline in NPI was attributed to lower gross rental income arising from the rental waivers of $76.5m granted by CMT to tenants affected by the pandemic as well as lower gross turnover rent and car park income during the circuit breaker period. Meanwhile, the decline in gross revenue for H1 was partially mitigated by the new contribution from Funan’s retail and office components, which commenced operations at the end of June 2019.

As at 30 June, CMT’s average cost of debt was 3.1% and aggregate leverage was 34.4%. CMT has also put in place bank facilities for working capital requirements of FY 2020 and FY 2021.

Tony Tan, CEO of CapitaLand Mall Trust Management (CMTML), notes that CMT maintains a cautious view of near-term market conditions despite the Phase 2 of reopening, given the uncertain economic climate and softening demand for retail space.

“We have thus chosen to retain the balance $46.4m of taxable distributable income from Q1, after releasing $23.2m in Q2. In the meantime, we are sparing no effort to enhance operational efficiency and build greater resilience into CMT’s retail ecosystem in preparation for the eventual upturn,” he added.

He further notes that since the start of Phase 2 safe reopening until 5 July, average shopper traffic recovered to 53% of the level a year ago. The firm has also taken the necessary precautionary measures at its properties and introduced technological solutions to enhance safety.

You're the reader we write for. You're also the person our partners want to reach.

If that sentence describes you — a founder, a C-suite, someone whose attention companies pay good money for — then you already understand why SBR works. We've spent twenty years earning the trust of readers exactly like you. Which is exactly what makes this an interesting place for your company to show up, too.

The ways it can show up are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The right fit depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If your company has something this audience should know about, we'd like to hear what you're working on.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

30 One-Sentence Stories From People Who Have Built Better Habits

None of these stories are mine. They were sent to me by readers of Atomic Habits. My hope is that these examples will illustrate how real people are putting the book into practice. They will show you what people are actually doing to build good habits and break bad ones. And hopefully, they will spark some ideas for how you can do the same.

news conversion

SBR 5 Lorem Ipsum News 2 [8 May]

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

SBR 4 Lorem Ipsum [8 May Top Stories]