Ascendas India Trust posts 2Q net property income of $29.6m

Ascendas India Trust today reported total property income for 1H FY2010/11 ending Sept 30, 2010, was $60.5 million, an increase of 1% from the same period last year. Net property income was $37.1 million, or marginally lower by 1%. In Indian Rupee terms, total property income was 2% higher, while net property income was unchanged in 1H FY2010/11, compared to the year before.

For 2Q FY2010/11, total and net property income were $29.6 million and $18.2 million respectively, or 4% lower than the preceding quarter in both cases.

Distributable income for 2Q FY2010/11 was $ 13.0 million, which was an increase of 3% over the preceding quarter. Distributable income for 1H FY2010/11 was $25.7 million, which was 14% lower than the same period last year. This was largely the result of realised loss of $0.7 million from the settlement of forward foreign exchange contracts in 1H FY2010/11, compared to a corresponding gain of $4.1 million last year. The forward contracts were entered into to hedge repatriation of distributable income, as part of a-iTrust’s policy to mitigate the risk of unexpected exchange rate changes at the time of repatriation, which could adversely affect distribution to unitholders.

DPU for 2Q FY2010/11 was 1.70 cents, representing a 2% increase from the quarter before. Taking into account the DPU of 1.66 cents for the preceding quarter, DPU for the first half of the financial year was 3.36 cents. On an annualised basis, the 6-month DPU represents a yield of 6.7% and 6.4% respectively over the closing prices of $1.00 and $ 1.04 per unit on 30 September 2010 and 21 October 2010. DPU for the first half of the financial year is payable on 22 November 2010 and units will be traded ex-date on 4 November 2010.

Gearing remained low at 21% as at 30 September 2010. Net asset value attributable to unitholders was $0.83 per unit.

Source : The Edge – 22 Oct 2010

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