Ascott Residence Trust Q1 DPU down 6% to 1.66 cents

Mainboard-listed Ascott Residence Trust (ART) says its distribution per unit (DPU) fell 6 per cent on-year in the first quarter to 1.66 cents.

This is lower than the 1.77 cents announced in the year-ago period.

Unitholders’ distribution also dropped by 5 per cent on-year to S$10.3 million.

The fall in distribution came despite revenue rising 3 per cent on-year to S$43.5 million.

ART says the drop in distribution is due to one-off expenses.

The one-off expenses came about because of an additional property tax expense in the first quarter this year, which arose from a reassessment of property annual value for one of the properties

It adds that in the year-ago period, there was a reversal of tax upon finalisation by the tax authority.

Excluding the one-off expenses, ART says unitholders’ distribution would have come in at S$200,000 or 2 per cent higher.

Source : Channel NewsAsia – 30 Apr 2010

Join The Discussion

Compare listings