CMT

CMT: Results generally in line with slight increase in DPU. DPU for quarter at 2.38c compared to 2.36c same period last yr with distributable income at $79.6m up 5.5% Rev was up 3.7% yoy at $165.5m and net income at $253.0m including a $84.3m disposal gain on Hougang Plaza and $96.9m gain in fair value. Increase in rev was due to JCube opening on 2 Apr 2012 and higher rental on new and renewed leases. Occupancy rate remains high at 98.6% as of June-end CMT has also raised cash and current cash balances are approx $1.5b partly earmarked to retire $783m of debt maturing on 31 Oct 2012. AEI works have begun on IMM Building and still ongoing at Bugis+, Atrium@Orchard and Clarke Quay which have seen strong leasing interest.