Mainboard-listed CapitaRetail China Trust (CRCT) said its distribution per unit (DPU) rose 1.5 per cent in the fourth quarter to 2.07 cents, from 2.04 cents announced over the same period a year ago.
Net property income over the period dipped 1.4 per cent on-year to $18.8 million, mainly due to increase in marketing and utility expenses, and higher provision for staff-related costs. Distributable income remained constant at $2.5 million.
CRCT said it saw higher revenue in the fourth quarter due to occupancy and rental growth in Wangjing Mall, Xinwu Mall, Xizhimen Mall and Saihan Mall on post-asset enhancement works.
For the whole year, CRCT’s DPU rose 2.7 per cent on-year to 8.36 cents, while net property income grew 5.8 per cent to $74.4 million.
Going forward, the trust said it will not need any major refinancing this year. It has secured refinancing of the $200.5 million loan that matured in November , extending the debt maturity to 2013 and 2014.
Source : Today – 26 Jan 2011