Singapore-listed Ascendas India Trust said it will pay 2.05 cents per unit for its fiscal first quarter. This was up 25 per cent over the same period a year ago.
All in, its first quarter distributable income to unit holders came to S$15.7 million. The rise was on the back of a 15 per cent increase in net property income to S$18.3 million for the three months ended June.
The manager of the trust said a key contributor to the results was the growth in property income despite the difficult business environment.
It added that income grew on the back of high occupancy rates and resilient rental rates.
Looking ahead, the property trust said it will continue to focus on retaining tenants, containing costs and seeking opportunities to invest in future growth.
However, it said its performance is tied to the performance of its tenants and demand for office space in Bangalore, Chennai and Hyderabad.
Source : Channel NewsAsia – 30 Jul 2009