PETALING JAYA: Capitaland Malaysia Trust
(CLMT) is anticipated to register better earnings going forward, boosted by the recent acquisition of Queensbay Mall in Penang.
UOB Kay Hian (UOBKH) Research noted that the mall was acquired on March 21, 2023. “(The acquisition) would enhance earnings for the coming quarters,” it said.
Queensbay Mall is the largest shopping mall in Penang.
For its first quarter ended March 31, 2023, CLMT posted a net profit of RM12.04mil compared with RM20.54mil in the previous corresponding period, while revenue grew to RM78.49mil from RM67.59mil a year earlier.
UOBKH Research said CLMT’s earnings were within expectations.
“Core net profit accounted for 19.4% and 17.8% of our and consensus’ full-year estimates respectively.”
Despite the top-line increase, the research house noted that net profit for the quarter declined due to higher expenses incurred (utilities and finance cost).
