A-REIT reports DPU of 2.73 cents for Q4

Ascendas REIT (A-REIT) has announced a distribution per unit (DPU) of 2.73 Singapore cents for the fourth quarter ended March 31.

This is down 15.5 percent from the 3.23 Singapore cents a year earlier.

For the full year, A-REIT reported a DPU of 13.1 Singapore cents, up 11.4 per cent on year.

Net income for the year stood in at around S$226 million, 12 per cent higher than the year-ago period.

The results were propped up by additional rental income from completed developments.

It completed three projects in the last financial year, namely 71 Alps Avenue, Plaza8@CBP, and 38A Kim Chuan Road – a built-to-suit facility for SingTel.

It also acquired DBS Asia Hub and 31 Joo Koon Circle.

The trust was also partly lifted by cost savings in land rent and property tax, thanks to government rebates, and reduced utilities expenses due to lower energy prices.

The trust’s gross revenue for the year was about S$414 million, about 4 per cent higher than the previous year.

Going forward, A-REIT is optimistic of at least sustaining the current level of net income for the new financial year.

It also said its revenue outlook will largely depend on the sustainability and strength of the global economic recovery.

Source : Channel NewsAsia – 19 Apr 2010

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