CAPITAMALL Trust yesterday said distributable income for the quarter ended Sept 30 was $53.2 million or 3.4 cents per unit, higher than forecast. Much of the increase came from higher rents and a payout from CapitaRetail China.
CapitaMall had forecast a distributable income per unit of 2.9 cents.
The Trust, which owns 13 shopping centres including Raffles City (picture) and Plaza Singapura said gross revenue for the period was $248 million, up 7.5 per cent from the same period last year.
Chief executive officer Pua Seck Guan said: “We remain confident of the acquisition
opportunities in Singapore and are seeking yield-accretive acquisitions to grow our target local asset size to $8 billion by 2010.”
The units closed at $3.66, down 4 cents, even though the performance beat most analysts’ forecasts.
“The Q3 results came in better than our distribution-per-unit expectations of about
3.2 cents. We will be reviewing our forecast,” OCBC research analyst Winston Liew said.
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