Gross revenue came in 0.3% lower y-o-y at $23.9 million, bringing net property income (NPI) to $21.2 million, 1.4% lower y-o-y. These were mainly due to exchange rate differences. In RMB terms, the gross revenue and NPI were 3.0% and 1.9% higher respectively compared to same quarter last year.
SINGAPORE (May 29): Phillip Capital is keeping its “buy” call on EC World REIT (ECW REIT) with a higher target price of 87.2 cents from 85 cents previously.
This came on the back of the REIT announcing that its 1Q19 earnings have increased by 2.2% y-o-y to 1.501 cents, while distribution to unitholders saw a 3.1% y-o-y increase to $11.9 million.
