CapitaLand Malaysia Trust Posts Higher 3Q Net Profit

KUALA LUMPUR, Oct 24 (Bernama) -- Capitaland Malaysia Trust (CLMT) registered a higher net profit of RM30.23 million in the third quarter ended Sept 30, 2024 (3QFY2024) compared with RM27.78 million recorded in the same period a year ago.

For the period under review, its revenue improved by RM5.6 million to RM109.24 million from RM103.64 million previously.

“The increase in gross revenue was mainly due to higher revenue recorded by most of the properties within CLMT’s portfolio as a result of positive rental reversions and higher occupancies,” it said in a filing with Bursa Malaysia today.

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Net property income for 3Q FY2024 was RM62.0 million, an increase of RM3.7 million or 6.3 per cent against RM58.3 million in 3Q FY2023.

For the year to date, CLMT’s net profit stood at RM97.18 million versus RM69.54 million, while revenue for the nine months was RM334.78 million against RM286.88 million registered previously.

The group recorded gross revenue of RM334.8 million, an increase of RM47.9 million or 16.7 per cent against the same period last year.

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“The increase was mainly due to contribution from Queensbay Mall post completion of its acquisition towards the end of 1Q FY2023,” it said.

In addition, all the other malls within CLMT portfolio also reported an improvement in gross revenue as a result of positive rental reversions and higher occupancies. 

In a separate statement, CLMT said it achieved a 15.1 per cent increase in distribution per unit to 3.43 sen for the period from Jan 1, 2024 to Sept 30, 2024 compared to the same period last year.

CapitaLand Malaysia REIT Management Sdn Bhd chief executive officer Tan Choon Siang said it remained focused on optimising the assets to enhance the resilience of CLMT’s portfolio to continue to deliver income growth.

“Our strong performance was underpinned by higher rental income, positive rental reversions and improved occupancy rates. The ongoing asset enhancement initiatives (AEI) at Gurney Plaza is on track to be completed by year-end and the mall will be ushering in new-to-market offerings and refreshed retail concepts. Meanwhile, 3 Damansara will be embarking on the next phase of AEI towards the end of 2024,” he added.

-- BERNAMA