Higher occupancy for Bugis Junction, The Atrium lifts CapitaLand Mall Trust earnings

CapitaLand Mall Trust.

CapitaLand Mall Trust Management on Wednesday reported a 0.7 percent rise in fourth-quarter distribution per unit (DPU).

DPU rose to 2.9 Singapore cents in the three months ended December 31 from 2.88 Singapore cents for the previous year, the company said in a regulatory filing.

Distributable income gained 0.8 percent in the quarter to S$102.9 million.

Net property income of S$119.3 million for the period was 2.6 percent higher from the same period last year. The increase was mainly due to higher occupancy for Bugis Junction and The Atrium@Orchard, the company said.

The increase in property income was partially offset by lower gross revenue from Bedok Mall due to lower rental rates achieved for new and renewed leases and lower occupancy.

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"Our portfolio of malls continued to be popular with retailers, registering a high occupancy of 99.2 percent as at 31 December 2017. As part of our ongoing effort to enhance the offline and online shopping experience in our malls, we introduced seven click-and-collect lounges under CapitaLand's partnership with ecommerce
player Lazada," said Tony Tan, CEO of CapitaLand Mall Trust Management in statement.

Shares in the Singapore-listed firm were unchanged at S$2.05 as of 0230 GMT in a broader market that was down 0.1 percent. Stock has gained 12 percent in an year.

This article was first published on January 24, 2018