Malaysia-listed retail REIT CapitaMalls Malaysia Trust (CMMT) has announced a distribution per unit (DPU) of 2.25 sen for its 1Q 2015, a fall of 3% from the 2.32 sen paid in the corresponding period in 2014.

Net property income for the period has been recorded at MYR53.6 million, 2.1% higher than the MYR52.5 million for the same quarter last year. “The increase was mainly due to contribution from East Coast Mall in Kuantan, which completed its asset enhancement works”, said CMMT in a statement announcing the results.

East Coast Mall completed its two-year asset enhancement works in 2014 and registered a 15.7% growth in net property income (NPI).

With the introduction of the Goods and Services Tax (GST) in Malaysia, CMMT has indicated that it expects consumer spending to be cautious. “However, we expect that our portfolio of day-to-day necessity shopping malls, which has proven to be resilient during different economic cycles, will continue to deliver steady returns for unitholders”, said CMMT.

The REIT has also pointed to the possibility of an increase in property income in the coming quarters. With the induction of Tropicana City Mall and Tropicana City Office Tower in 2015, CMMT expects total net lettable area in the REIT to increase by approximately 21.6% to about 3 million square feet.

Units of CMMT are currently listed on the Bursa Malaysia at MYR1.54.