CLMT’s 1Q net property income jumps 63% to RM64m, DPU up 37%

• Revenue for the quarter ended March 31, 2024 (1QFY2024) rose 42.5% to RM111.88 million from RM78.49 million in 1QFY2023, said the trust's manager CapitaLand Malaysia REIT Management Sdn Bhd (CMRM) in a statement on Wednesday.

KUALA LUMPUR (April 24): CapitaLand Malaysia Trust (CLMT) reported a 63% in its first quarter net property income to RM63.98 million from RM39.24 million a year ago, driven by full quarter revenue contribution from Queensbay Mall, higher occupancies and positive rental reversions.

Revenue for the quarter ended March 31, 2024 (1QFY2024) rose 42.5% to RM111.88 million from RM78.49 million in 1QFY2023, said the trust's manager CapitaLand Malaysia REIT Management Sdn Bhd (CMRM) in a statement on Wednesday.

Distributable income grew 69.8% to RM33.62 million from RM19.81 million, with distribution per unit (DPU) improving 36.8% to 1.19 sen from 0.87 sen.

CMRM said CLMT's retail occupancy rose to 92.4% from 88.3% in 1QFY2023, while its overall portfolio occupancy improved to 93.1% as at March 31, 2024 from 92.6% as at Dec 31, 2023.

CMRM chief executive officer Tan Choon Siang attributed CLMT's performance in the quarter to proactive asset management. As part of the ongoing efforts, the group recently completed refurbishment at Gurney Plaza's entrance driveway, enhancing its appearance and accessibility, he said.

Additionally, the group expanded dining options at 3 Damansara's lower ground floor and anticipates the arrival of an active lifestyle brand on the ground floor later this year.

"These new additions to our portfolio provide a glimpse of the refreshed tenant mix and mark the beginning of the exciting improvements to our retail portfolio that will unfold throughout the year,” Tan said.

Tan also highlighted the accretive acquisition of three industrial properties in Johor announced in 1QFY2024, which is expected to boost CLMT's earnings upon completion in 4QFY2024.

"As we press ahead with our portfolio reconstitution strategy, we will continue to strengthen our balance sheet through disciplined capital management. We will also take proactive measures to mitigate the impact of rising costs and remain prudent in managing our expenses,” he added.

At Wednesday's close, CLMT’s share price remained flat at 62 sen, with a market capitalisation of RM1.75 billion.

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