SINGAPORE (July 21): CapitaLand Mall Trust (CMT) reported a 0.2% increase in its DPU for 1H17 to 5.48 cents, from 5.47 cents in 1H16.

Gross revenue for 1H17 was $340.6 million, a decrease 2.9% from 1H16. CMT says that the decrease was mainly due to Funan, as the mall ceased its operations for redevelopment from July 1, 2016.

Net property income was $237.6 million, 2.6% lower compared to last year.

Distributable income came in 0.2% higher at $194.2 million.

As at June 30, CMT’s average cost of debt and aggregate leverage were 3.2% and 34.7% respectively.

Tony Tan, CEO of CapitaLand Mall Trust Management Limited (CMTML), says: “Notwithstanding the challenges in Singapore’s retail sector, CMT has produced yet another steady set of results for the quarter under review. Although Funan is currently closed for redevelopment, CMT continues to deliver sustainable distribution per unit to Unitholders. Portfolio occupancy as at June 30, 2017 was a high 98.6%, outperforming the average market occupancy level.”

Units in CMT closed at $2.00 on Thursday.