Fortune REIT’s Q2 distributable income down 0.7% to S$14.7m

Singapore-listed Fortune REIT, which owns shopping malls in Hong Kong, said its distributable income for the second quarter dipped 0.7 per cent to S$14.7 million.

Net property income for the three months ended June edged up slightly by 0.3 per cent to S$21.4 million.

Distribution per unit for the first half of the year rose 5.9 per cent from a year ago to 19.6 Hong Kong cents.

The REIT said higher rental rates at some of the malls were the main drivers of revenue growth in the first half.

Looking ahead, Fortune REIT said the near-term outlook of the retail market is expected to remain challenging.

But it believes that its portfolio of eleven suburban retail properties will remain resilient throughout the downturn as the malls mainly cater to non-discretionary spending in daily necessities and services.

The manager of the property trust said it will continue to proactively manage the portfolio and aim to deliver unitholders stable returns.

Source : Channel NewsAsia – 28 Jul 2009

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