CMT Q3 2010 Quarterly Earnings Report

Q3 2010 results for CMT:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the reporting quarter is 2.36 cents. 
• Gross revenue grew 6.3% year-on-year to S$148.2 million in 3Q 2010 while net property income was higher by 7.1% over that of 3Q 2009. 
• CMT continued to register strong portfolio occupancy of 99.6% as at 30 September 2010. 
• With the issuances of the four-year and seven-year medium term notes, CMT’s average cost of debt was 3.7% and gearing ratio was 37.2% as at 30 September 2010. 
• Interest cover remained strong at approximately 3.7 times.
• Book closure is at 5.00 pm on 1 Nov 2010 for the purpose of determining unitholders’ entitlements to distribution.
• The distribution that will be paid on 29 Nov 2010. 

Author's Note
The DPU of 2.36 cents will be paid on 29 Nov 2010. Books closure is on 1 Nov 2010. Note that the DPU is computed on the basis that none of the outstanding S$550.0 million in principal amount of the S$650.0 million convertible bonds due in 2013 are converted into Units before the books closure date (BCD). The actual quantum of DPU may differ if any of the outstanding CBs are converted into Units before the BCD.

DPU was 2.29 cents in the previous quarter.