Financial Highlights| 1H 2024 | 1H 2025 | Quarter Ended 30 June 2025 | |
|---|---|---|---|
| Actual | Actual | Actual | |
| Total assets (RM million) | 5,136.7 | 5,464.2 | 5,464.2 |
| Gross Revenue (RM million) | 225.5 | 236.1 | 115.7 |
| Net Property Income (RM million) | 129.4 | 138.8 | 68.7 |
| Distributable Income (RM million) | 66.9 | 71.9 | 34.6 |
| Distribution Per Unit (sen) | 2.36 | 2.46 | 1.18 |
| Distribution Yield (%) 1 | 3.5 | 3.8 | 1.8 |
| Distribution Per Unit (sen) - actual / annualised 2 | 4.75 | 4.96 | - |
| Distribution Yield (%) 1 - actual / annualised | 7.0 | 7.7 | - |
* Unbilled lease income receivable is recognised pursuant to the requirements of MFRS 16, to recognise rental income from operating lease on a straight-line basis over the lease term.
** This was calculated with reference to the net property income of all properties except for East Coast Mall which is payable in cash. With effect from 1 January 2025, all performance fees will be payable in cash.
The unaudited condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying explanatory notes attached to the interim financial statements and the audited financial statements for the year ended 31 December 2024.
The unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying explanatory notes attached to the interim financial statements and the audited financial statements for the year ended 31 December 2024.
Quarter Results (2Q 2025 vs 2Q 2024)
The Group recorded gross revenue of RM115.7 million in 2Q 2025 against RM113.7 million for 2Q 2024. 2Q 2024 gross revenue included a RM3.0 milllion one-off compensation income due to early termination of a lease contract. Excluding the effect of this one-off compensation income, revenue for the quarter under review has increased by RM5.0 million. The increase in gross revenue was mainly due to higher revenue recorded by most of the properties within CLMT portfolio as a result of positive rental reversions, rental step-up and the commencement of rental income recognition from Glenmarie Distribution Centre and Senai Airport City Facilities effective January and June 2025 respectively.
Property operating expenses for 2Q 2025 was RM47.0 million, a decrease of RM1.2 million or 2.5% against 2Q 2024, mainly due to lower repair and maintenance and lower utilities which was partially offset by higher service charges imposed by the management corporations of Queensbay Mall and Sungei Wang Plaza.
Excluding the effect of the aforementioned RM3.0 million one-off compensation income, net property income for 2Q 2025 of RM68.7 million has effectively increased by 10.0% against 2Q 2024.
Finance costs for 2Q 2025 of RM25.2 million were slightly higher than 2Q 2024 mainly due to cessation of capitalisation of borrowings cost for Glenmarie Distribution Centre and additional borrowings incurred for the acquisition of Senai Airport City Facilities. Nevertheless, the increase in finance costs was partially offset by savings arising from refinancing done in 3Q 2024 and interest rate refixing done during the quarter under review. The average cost of debt was 4.37% p.a. (2024: 4.61% p.a.).
Overall, distributable income to Unitholders for 2Q 2025 was RM34.6 million. Excluding the effect of the aforementioned one-off compensation income, distributable income increased by RM4.3 million or 14.2% as compared to 2Q 2024 due to the abovementioned factors.
Financial Year-to-date Results (YTD 2025 vs YTD 2024)
The Group recorded gross revenue of RM236.1 million for YTD 2025. Excluding the RM3.0 million one-off compensation income, revenue for the period under review has effectively increased by RM13.6 million or 6.1% against the same period last year. The increase in gross revenue was mainly due to higher revenue recorded by most of the properties within CLMT portfolio as a result of positive rental reversions, rental step-up and the commencement of rental income recognition from Glenmarie Distribution Centre and Senai Airport City Facilities effective January and June 2025 respectively.
Property operating expenses for YTD 2025 were RM97.3 million, an increase of RM1.2 million or 1.2% mainly due to higher service charges imposed by the management corporations of Queensbay Mall and Sungei Wang Plaza.
Excluding the effect of the aforementioned one-off compensation income, net property income for period under review in 2025 of RM138.8 million has effectively increased by 9.8% against corresponding period in 2024.
Finance costs for YTD 2025 of RM49.6 million were slightly higher than corresponding period in 2024 mainly due to cessation of capitalisation of borrowings cost for Glenmarie Distribution Centre and additional borrowings incurred for the acquisition of Senai Airport City Facilities. Nevertheless, the increase in finance costs was partially offset by savings arising from refinancing done in 3Q 2024 and interest rate refixing done during the period. The YTD average cost of debt was 4.41% p.a. (2024: 4.50% p.a.).
Overall, distributable income to Unitholders for YTD 2025 was RM71.9 million. Excluding the effect of the aforementioned one-off compensation income, distributable income increased by RM8.0 million or 12.5% as compared to 1H 2024 due to the abovementioned factors.
| Key Financial Indicators | ||
| 1Q 2025 | 2Q 2025 | |
|---|---|---|
| Unencumbered assets as % of total assets | 29.8% | 32.6% |
| Gearing ratio | 41.5% | 43.0% |
| Average cost of debt (YTD) | 4.46% | 4.41% |
| Fixed:Floating rate debt ratio | 85%:15% | 79%:21% |
| Net Debt / EBITDA (times) 1 | 9.0 | 9.6 |
| Interest coverage (times) 2 | 2.4 | 2.4 |
| Average term to maturity (years) | 4.4 | 4.1 |
