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 2023.

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 2023

Quarter Results (4Q 2024 vs 4Q 2023)

The Group recorded gross revenue of RM120.0 million in 4Q 2024, an increase of RM11.5 million or 10.6% against 4Q 2023. 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 and higher occupancies as well as the recognition of RM5.6 million of unbilled lease income receivable.

Property operating expenses for 4Q 2024 were RM47.5 million, an increase of RM2.0 million or 4.4% against 4Q 2023, mainly due to higher marketing expenses and manpower costs.

Net property income for 4Q 2024 was RM72.5 million, an increase of RM9.5 million or 15% against 4Q 2023 of RM63.0 million.

Fair value gain of RM57.2 million, which is net of unbilled lease income receivable of RM5.6 million, was recognised during the year upon the annual revaluation of investment properties.

Finance costs for 4Q 2024 of RM24.5 million were slightly higher than 4Q 2023 as certain fixed rate loans which were due for refixing were refixed at higher rates, offset by savings arising from refinancing done in 3Q2024. The average cost of debt was 4.50% p.a. for this quarter against 4Q 2023 of 4.29% p.a.

Overall, distributable income to Unitholders for 4Q 2024 was RM35.2 million, an increase of RM2.5 million or 7.7% as compared to 4Q 2023 due to the abovementioned factors.

Financial Year (FY) Results (FY2024 vs FY2023)

The Group recorded gross revenue of RM454.8 million, an increase of RM59.4 million or 15.0% against the same period last year. The increase was mainly due to full year contribution from Queensbay Mall (QBM) post completion of its acquisition towards end of 1Q 2023. All the other malls within CLMT portfolio also reported an improvement in gross revenue as a result of positive rental reversions and higher occupancies. In addition, current year gross revenue also included the recognition of RM5.6 million of unbilled lease income receivable.

Property operating expenses for FY2024 were RM190.8 million, an increase of RM12.8 million or 7.2% against the previous financial period mainly due to the addition of QBM in March 2023, higher maintenance expenses and manpower costs as well as lower write back of provision for doubtful debts.

The net property income for FY2024 of RM263.9 million was RM46.5 million or 21.4% higher than FY2023 net property income of RM217.4 million.

Other non-operating income of RM3.6 million recognised in the previous year was mainly due to the scheduled compensation income received pursuant to the termination of the previous easement agreement in relation to the car park area between Sungei Wang Plaza and Bukit Bintang Plaza.

Fair value gain of RM57.2 million, which is net of unbilled lease income receivable of RM5.6 million was recognised during the year upon the annual revaluation of investment properties.

Finance costs for FY2024 of RM98.5 million were RM13.7 million or 16.2% higher than FY2023 mainly due to the full year impact of borrowings used to part finance the acquisitions of QBM which was completed towards end of 1Q 2023. Additionally, floating rate borrowings were subjected to higher interest rates due to the OPR hike in May 2023 and certain fixed rate loans which were due for refixing were refixed at higher rates, reflecting the effect of OPR hikes. These were offset by savings arising from refinancing done in 3Q2024. The FY2024 average costs of debt was 4.51% p.a. (FY2023: 4.07% p.a.).

Overall, distributable income to Unitholders for the financial period was RM132.8 million, an increase of RM23.0 million or 21.0% against FY 2023 due to the abovementioned factors.