SINGAPORE (April 21): The manager of CapitaLand Retail China Trust (CRCT) has announced distribution per unit (DPU) of 2.74 cents for 1Q17, an increase of 1.1% from DPU of 2.71 cents a year ago.
Income available for distribution grew 5.0% to $24.4 million, from $23.2 million a year ago.
Gross revenue in 1Q increased 13.4% to RMB 290.9 million, from RMB 256.5 million a year ago. In Singapore dollar terms, revenue increased 8.2% to $60.1 million, from $55.6 million in the corresponding period last year.
The increase was mainly due to the contribution from CapitaMall Xinnan, which was acquired at the end of Sept last year.
Net property income increased 15.1% to RMB 194.9 million, from RMB 169.4 million a year ago. In Singapore dollar terms, NPI increased 9.8% to $40.3 million, from $36.7 million a year ago.
Management fees payable to the manager increased 14.6% due to higher net property income and deposited properties, arising from the inclusion of CapitaMall Xinnan.
Cash and cash equivalents stood at $131.4 million as at March 31, 2017.
“CRCT’s performance for 1Q 2017 was lifted mainly by contribution from newly acquired CapitaMall Xinnan, which notched up its committed occupancy to 99.6%,” says Tan Tze Wooi, CEO of the manager.
Looking ahead, the manager says CRCT is well-positioned to benefit from the increase in domestic consumption in China, and continues to be on the lookout for suitable opportunities to expand its market presence.
“We will continue to optimise the retail mix in our malls and strengthen their appeal so as to further enhance unitholders’ value,” says Tan.
Units of CapitaLand Retail China Trust closed 3.5 cents higher at $1.52 on Friday.
