Revenue during FY2024 fell by 3.9% y-o-y to $1,837.6 million due to the absence of contributions from CapitaMall Shuangjing, which was divested; and CapitaMall Qibao, alongside lower occupancy and rents in business parks and logistics parks. Income loss from Shanghai Fengxian Logistics Park has been addressed with the signing of a master-leased tenant for an eight-year lease in December 2024.
CapitaLand China Trust reported a 16.2% y-o-y decline in distributions per unit (DPU) to 5.65 cents in FY2024 ended Dec 31, 2024 with distributable income down 15% y-o-y to $96.8 million.
However, DPU in 2HFY2024 fell by lower 12% y-o-y to 2.64 cents suggesting that the downtrend may be approaching a trough. The decline in DPU was impacted by lower performance from business parks and logistics parks, lower realised foreign exchange gain and weaker Renminbi (RMB) against the Singapore dollar, partially offset by lower finance costs.
