CapitaMall Trust’s net property income down 7% to $277m
Blame it on higher property operating expenses in FY2011.
According to CMT, the company’s FY2011 net property income was $277.3m which is 7.2% lower than FY2010’s $299m.
CMT’s FY2011 revenue also decreased 7.8% to $361.2m compared to FY2010’s 391.9m mainly due to lack of income contribution after the sales of Robinson Point and Starhub Centre in 2010 and redevelopment of Market Street Car Park in 2011.
Lower occupancy and negative rent reversions, mitigated by higher income contribution from other
properties also caused the fall in revenue.