SINGAPORE (Apr 25): The manager of Ascendas India Trust (a-iTrust) reported 4Q18 DPU of 1.65 cents, up 8% from 1.54 cents a year ago despite the increase in equity base through February’s private placement.
Total FY18 ended March DPU came in at 6.10 cents, up 7% from 5.69 cents a year ago.
The SGD had appreciated by about 3% against the INR over the same period last year.
In SGD terms, total property income for 4Q18 increased by 12% to $49.3 million due to income from Victor, which was leased out in phases after development was completed in June 2016; income from BlueRidge 2, aVance 4, Atria at The V, the Arshiya warehouses as well as from positive rental reversions.
Total property expenses for 4Q18 increased by 4% to $15.9 million mainly due to property expenses from new properties, offset by lower utilities expenses.
This resulted in a 15% rise in net property income grew to $33.5 million.
Income available for distribution for 4Q18 increased by 14% to $18.1 million, mainly due to higher net property income.
As at end March, committed portfolio occupancy remained at 95%. Gearing ratio has reduced to 26%, down from 35% prior to the private placement. Based on its gearing limit of 45%, the trust has total debt headroom of $649 million.
Sanjeev Dasgupta, manager of CEO of Ascendas Property Fund Trustee, says, “We are pleased to announce that Ascendas India Trust has delivered a good set of results for the quarter and financial year ended 31st March 2018. In Singapore Dollar terms, the 4Q FY17/18 and FY17/18 revenue grew by 12% and 20% respectively. Positive rental reversions and additional income from assets we developed and acquired during the financial year contributed to this strong performance.”
“a-iTrust will continue to focus on enhancing the competitiveness of its properties to distinguish itself from competitors, while maintaining financial discipline, and seeking growth opportunities,” adds Dasgupta.
Units in Ascendas India Trust closed 1 cent lower at $1.01 on Wednesday.
