SINGAPORE (April 10): SPH REIT posted distribution per unit (DPU) of 1.40 cents for the second quarter ended Feb 28, unchanged from a year ago.
Income available for distribution increased by 2.4% to $37.3 million in 2Q17, compared to $36.4 million a year ago.
Gross revenue for the quarter grew by 1.7% to $54.0 million, from $53.1 million a year ago. This was on the back of higher rental income achieved by both Paragon and The Clementi Mall.
Property operating expenses fell 9.7% to $11.3 million, mainly due to proactive management of utility contract and additional one-off provision for prior years’ property tax in 2Q16.
Net property income increased by 5.2% to $42.7 million, from $40.6 million a year ago.
Cash and cash equivalents stood at $66.7 million as at Feb 28, 2017.
“SPH REIT has continued to deliver resilient financial and operating performance despite the prevailing economic headwinds and weak consumer sentiment,” says Susan Leng, CEO of the manager of SPH REIT.
Looking ahead, the manager says it will “continue to proactively manage the properties to deliver sustainable returns while seeking new opportunities to create value for unitholders.”
Units of SPH REIT closed half a cent lower at 97.5 cents on Monday.
