CapitaCommercial reports 19.2% rise in Q3 distributable income

CapitaCommercial Trust said Wednesday its distributable income for the third quarter rose 19.2 percent from a year earlier.

The commercial property investor reported that distributable income for the three months ended September 30 was S$19.4 million, or 1.80 Singapore cents a unit, compared with S$16.3 million a year earlier.

For the month of September, which follows the joint acquisition of the Raffles City complex in central Singapore, the trust’s distribution per unit is 0.66 Singapore cent a unit or 6.5 percent higher than forecast.

CapitaCommercial said it will pay the September component of the third quarter distribution in February along with the fourth quarter distribution as its policy is to distribute income semiannually.

The trust said it has S$3.6 billion of assets following the acquisition of 60 percent of Raffles City and aims to grow its assets to between S$5 billion and S$6 billion by 2009 through acquisitions in Singapore and overseas.

Source: Channel NewsAsia, 18 October 2006

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