KUALA LUMPUR (Jan 22): Sustained growth in Gurney Plaza, Penang, and East Coast Mall in Kuantan have helped CapitaLand Malaysia Mall Trust (CMMT) offset lower contribution from its Klang Valley malls that have been hit by growing competition.

Both malls collectively accounted for about 75% of CMMT's net property income (NPI), but their improved performance was not enough to stem lower occupancies and rental rates as well as downtime at Klang Valley malls, resulting in a 6% year-on-year drop in net property income for the financial year ended Dec 31, 2019 to RM202 million.