The decline in NPI due to drop in gross revenue, partially offset by savings in operating expenses of 5.0% y-o-y for the overall portfolio.
CapitaLand China Trust (CLCT) announced a 6.1% y-o-y decline in revenue to $439.7 million in 1QFY2025 for the three months to March 31. Net property income (NPI) fell by 6.6% y-o-y to $292.5 million.
Retail revenue (excluding supermarket upgrading) declined by 2.7% y-o-y, due to lower rents at CapitaMall Xinnan. Business park revenue declined by 9.6% y-o-y largely due to lower occupancy at Singapore-Hangzhou Science Technology Park Phase II and Ascendas Innovation Towers. However, logistics parks revenue increased by 3.3% y-o-y due to an increase in occupancy at Kunshan Bacheng Logistics Park.
