CapitaRetail China Trust 2Q distribution per unit at 2.07 S’pore cents

CapitaRetail China Trust (CRCT) said its distribution per unit or (DPU) increase to 2.07 Singapore cents in the second quarter.

That’s up 6.7 per cent on-year from the DPU of 1.94 Singapore cents compared to same period a year ago.

Net property income over the period rose slightly 1.9 per cent on-year to S$19.8 million.

CRCT’s distributable income also rose some 7.3 per cent on-year to S$12.9 million.

CRCT’s gross revenue however decreased by 2.8 per cent to S$29.6 million.

Observers said China’s retail sales in the first half of the year has grown by 18.2 per cent on-year to S$1.5 billion.

And that already accounts for 58 per cent of China’s total retail sales last year.

Such demand spells good news especially for CRCT, which has eight malls in cities like Beijing and Shanghai.

Tony Tan, CEO, CapitaRetail China Trust Management, said: “The consumption growth is still very strong not withstanding the recent measures by the government on the property and the economy.

“The sentiment level is still very strong. People are still willing to spend and that’s a reflection of a rising income in the general population.

CRCT also added that it has seen strong growth with tenant sales up 28.8 per cent on-year while shopper traffic rose 14.4 per cent on-year.

Property expenses were 11.2 per cent lower because of the exchange rate as well as lower utilities and marketing costs at several malls.

As at June, its total portfolio valuation was $5.8 billion yuan or S$1.2 billion, an increase of 1.7 per cent over the previous valuation made in December.

Source : Channel NewsAsia – 23 Jul 2010

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