CMT revenue up 5% in 3Q despite Funan Mall's closure

Bedok Mall boosted its topline.

CapitaLand Mall Trust (CMT) reported 5% yoy higher 3QFY16 revenue of S$169.7m (US$123m), thanks to Bedok Mall, IMM Building, Tampines Mall and Clarke Quay.

CIMB notes that better performance from these properties, particularly Bedok Mall, offset the income vacuum from Funan Mall after its closure for redevelopment in July this year.

DPU was lower yoy at 2.78 Scts due to a lower payout ratio in 3QFY16 of 93.8% vs. 101% last year when S$8m of the retained income was released.

Moving forward, the research firm expects earnings growth for 4QFY16 and FY17 to be relatively muted, to reflect the closure of Funan Mall for redevelopment over the next three years.

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