CapitaLand Mall Trust's net property income down 7.6% to $116.2m in Q4

The decline was mainly due to Funan, which ceased its operations.

CapitaLand Mall Trust Management Limited (CMTML), the manager of CapitaLand Mall Trust (CMT), announced that CMT has achieved net property income of $479.7m for 2016, an increase of 2.9% over the $466.2m for last year.

Distributable income for FY 2016 was $394.3m, 0.6% higher than the $392.0m for FY 2015.

Meanwhile, for 4Q16, distributable income was $102.0 million, 0.2% higher than S$101.9 million for the same period last year. Distribution per unit (DPU) for 4Q 2016 was 2.88 cents, bringing the total DPU for
FY 2016 to 11.13 cents.

But for the said quarter, net property income declined 7.6% to $116.2m from $125.7m from the same period last year. Gross revenue for 4Q16 was $169.3m, a decrease of $11.0m or 6.1% from 4Q15. The decrease was mainly due to Funan, as the mall ceased its operations for redevelopment from July 2016 and Rivervale Mall which was divested on December 2015.

CMTML Chairperson Richard Magnus said CMT's performance has remained resilience despite headwinds affecting Singapore economy.

"CMT’s performance has remained resilient, underpinned by its welllocated portfolio of malls catering predominantly to necessity shopping, scale and strong retailer network. In ensuring CMT’s malls stay attractive to tenants and shoppers, we have been harnessing technological innovations to serve them better and more efficiently. These include continual improvements to our loyalty programmes and operations, as well as asset enhancement initiatives to refresh our offerings," he said.