NET PROPERTY INCOME
As a result of the higher gross revenue, net property income (NPI) of S$448.4 million was S$9.7
million or 2.2% higher than S$438.7 million for FY 2013. This was mainly due to the completion of AEIs
at BJ in October 2013 and September 2014 as well as strong operating performance from the other
properties. JCube recorded lower NPI as a result of its phase two AEI.
Net Property Income by Property
(S$ million)
FY 2014
FY 2013
1
Tampines Mall
55.0
53.8
Junction 8
40.7
39.4
Funan DigitaLife Mall
21.7
22.1
IMM Building
50.3
50.0
Plaza Singapura
66.6
63.2
Bugis Junction
53.9
47.9
Sembawang Shopping Centre and Rivervale Mall
14.4
13.6
JCube
15.9
22.0
Lot One Shoppers’ Mall
29.5
28.9
Bukit Panjang Plaza
17.1
16.7
The Atrium@Orchard
37.8
36.7
Clarke Quay
23.1
23.1
Bugis+
22.4
21.3
CMT Group
448.4
438.7
1 FY 2013 had been restated to take into account the retrospective adjustments relating to FRS 111 Joint Arrangements to
exclude CMT’s 40.00% interest in Raffles City Singapore and CMT’s 30.00% interest in Westgate and Westgate Tower.
CMT’s interest in joint ventures’ NPI are shown below for information:–
Net Property Income by Property
(S$ million)
FY 2014
FY 2013
Raffles City Singapore (40.00% interest)
68.1
66.4
Westgate (30.00% interest)
2
13.6
(2.4)
Total
81.7
64.0
2 Westgate commenced operations on 2 December 2013.
Financial Review
70 | CapitaMall Trust Annual Report 2014
