CPN increasing occupancy rates

CPN currently operates 14 shopping centers with a total lease area of 772,283 sqm with current high occupancy. Rental rates will be increased by 5% per annum for short-term contracts, which account for 53% of the total lease area. The newly opened projects are expected to have higher occupancy (Central Plaza Chaengwattana from 93% to 95% at the end of this year, Central Festival Pattaya from 89% to 95%, Central Plaza Chonburi from 83% to 92% and Chaengwattana office from 20% to 50%). The net profit is forecast to grow 3% this year to Bt2,248mn (Bt1.03/share) despite the economic slowdown, higher lease payments for Central Ladprao and greater depreciation charges based on the new projects launched.