Capital Land Malaysia Trust achieved RM68.3 million in Q2 202 ending June 30, 2022 from RM52.713 previously. For the year to date 30the June 2022, it achieved a gross revenue of RM135.915 million from Rm109.369 million.
It said that The Group recorded gross revenue of RM68.3 million in 2Q 2022, an increase of RM15.6 million or 29.6% against 2Q 2021. The increase in gross revenue was contributed by continued improvement in retail sentiment and the absence of movement control in the current quarter as compared to the same quarter last year.
Property operating expenses for 2Q 2022 were RM30.9 million, an increase of RM4.6 million or 17.5% against 2Q 2021 mainly due to (i) higher consumption of utilities exacerbated by the increase in surcharge rate for the period from February 2022 to June 2022, (ii) absence of electricity discount in the current quarter, and (iii) higher maintenance costs and other related expenses.
The Group recorded gross revenue of RM135.9 million, an increase of RM26.5 million or 24.3% against the same period last year. The increase was mainly due to recovery in retail sentiment as tenants’ businesses gradually returned to normalcy.
As compared to the same period last year, tenant businesses in the nonessential segment were facing difficulties which calls for assistance in the form of rental relief. Property operating expenses for YTD 2022 were RM62.4 million, an increase of RM4.4 million or 7.6% against the previous financial period due to higher utilities costs.
The higher operating expenses were cushioned by the write-back of doubtful debts provision due to higher year to date collection from tenants as a result of the gradual recovery in retail sentiment. The NPI for YTD 2022 of RM73.5 million was RM22.1 million or 43.1% higher than YTD 2021.
