SINGAPORE (Oct 25): Ascendas India Trust has declared a 1.37 cents distribution per unit for 2QFY17, unchanged from a year ago.
Together with first quarter DPU of 1.36 cents, a total of 2.73 cents will be distributed for the half-year. This was slightly below 2.74 cents a year ago.
During the quarter to Sept, revenue improved by 2% to $37.1 million with the new income from aVance 3, CyberVale 3 and Victor which were acquired or completed at end-July 2015, March 2016 and June 2016 respectively. There were also positive rental reversions that accounted for $0.4 million of the increased revenue.
Property expenses fell 6% to $12 million, as the increase in property tax rates in Bangalore and the additional property management and marketing fees were offset by the reversal of provision for rental arrears.
As such, net property income rose 6% to $25.1 million and distributable income rose 1% to $12.7 million.
Ascendas i-Trust says that its performance is impacted by its tenants’ business performance, the real estate market in each city and the global economic conditions. As such, the trust added that it will continue to focus on “enhancing its competitiveness” while “maintaining financial discipline and seeking growth opportunities”.
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Shares in Ascendas i-Trust closed unchanged at $1.08.