CapitaMall Trust posts robust 12.2% income growth to $125.6m

Thanks to completed asset enhancement works.

OCBC Investment Research said that CapitaMall Trust registered robust growth in 2Q13 with net profit income growing by 12.2% YoY to S$125.6m while distributable income to unitholders rose by 10.2% to S$87.7m.

"The completed asset enhancement works at JCube, Bugis+ and The Atrium@Orchard last year, together with the rental rates achieved from the portfolio’s new and renewed leases, were the key drivers for the quarter," the research firm said.

"DPU was up 6.3% YoY to 2.53 S cents, and was consistent with our expectations given that 1H13 DPU of 4.99 S cents formed 50.9% of FY13F DPU. As at 30 Jun, CMT’s portfolio occupancy stood at 99.1%, representing an improvement from 1Q occupancy of 98.3%. In addition, positive rental reversion of 6.4% was also slightly higher than last quarter’s reversion of 6.2%," it added.