The manager of CapitaLand China Trust AU8U (CLCT) has reported gross revenue of RMB468.1 million ($89.7 million) for the 1QFY2024 ended March 31, 1.6% lower y-o-y, as the trust saw contributions from nine malls compared to 11 malls in the year before.
Excluding CapitaMall Shuangjing and CapitaMall Qibao’s contribution in 1QFY2023, CLCT’s retail gross revenue would have increased by 5.7% y-o-y. Both malls were divested at the end of 2023.
During the 1QFY2024, CLCT’s net property income (NPI) fell by 7.7% y-o-y to RMB313.1 million due to lower contributions from its logistics parks as well as the absence of one-off property tax refunds from the business parks.
In Singapore dollar (SGD) terms, NPI fell by 11.8% y-o-y partly due to the 4.7% depreciation of the RMB to the SGD.
As at March 31, CLCT’s retail occupancy stood at 97.7%. Its business park occupancy stood at 90.2% while its logistics park occupancy stood at 67.6%.
Portfolio weighted average lease expiry (WALE) is at 1.8 years by gross rental income (GRI) and 3.1 years by net lettable area (NLA).
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Shopper traffic during the 1QFY2024 increased by 17.4% y-o-y while tenant sales were up by 12.6% y-o-y.
As at March 31, CLCT’s gearing stood at 40.8%, down from 41.5% in the three months before. Its interest coverage ratio stood at 3.2 times, down from 3.3 times as at Dec 31, 2023.
Units in CLCT closed at 69.5 cents on April 23.
