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CapitaMalls Asia Ups its Dividends

Ser Jing - CapitaMalls Asia to Acquire New Mall in China (pic) CapitaMalls Asia Limited (SGX: JS8), or CMA for short, released its earnings report 2nd Quarter 2013 (2Q 2013) the day before.

The revenue for 2Q 2013 increased to $93.4 million, 25.2% over the previous year. The higher revenue in 2Q 2013 was mainly due to contributions from Olinas Mall in Japan which was acquired in July 2012 and The Star Vista which was opened in September 2012.

The operating Profit After Tax and Minority Interests (PATMI) was S$120.2 million for 1H 201, 62.2% above the S$74.1 million in the previous year. The increase in operating PATMI was due to opening of nine new malls, completion of two asset enhancement initiatives and acquisitions of stakes in four Japan malls in 2012, as well as profit recognition from units sold in Bedok Residences.

CMA has long-term loan of $2.3 million as of 30 June 2013. The effective net debt over total assets stands at 35%. The company declared an interim dividend of 1.75 Singapore cents per share, which is 7.7% higher than last year’s interim dividend of 1.625 Singapore cents.

Mr Lim Beng Chee, CEO of CapitaMalls Asia was upbeat when he said, “Our malls in the key markets of Singapore, China and Malaysia continued to grow in the first half of this year. Net property income of our China malls increased 12.1%, and total tenants’ sales on a same-mall basis grew 14.9%. We opened one mall in the second quarter – CapitaMall Meilicheng in Chengdu, China – and target to open another – phase 2 of CapitaMall Jinniu, also in Chengdu – in the third quarter.”

CMA predicts that the opening of Bedok Mall and Westgate in the 4Q 2013 will provide the foundation for future earnings.

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