ASCENDAS India Trust's net profit rose 14 per cent to S$9.4 million in its fiscal first quarter, while income to be distributed stayed flat at 1.36 Singapore cents per unit.
Total property income rose 6 per cent to S$36.1 million as base rent increased by 7 per cent to S$22.7 million while operations, maintenance and utilities income stayed flat at S$10.8 million, said the India-based operator of business real estate.
The trust also realised S$590,000 of exchange gains in the three months ended June 2016, compared to a realised S$10.4 million exchange loss a year earlier as the Singapore dollar appreciated by 5 per cent against the Indian rupee over that time. Unrealised exchange losses were S$2.9 million in the reporting quarter, however, compared to a S$3.1 million gain in the year-ago period.
Newly acquired properties aVance 3 and CyberVale gave property income a boost during the quarter, as did positive rental reversions, the trust announced.
Looking ahead, the trust noted that Jones Lang LaSalle Meghraj expects 2016 rental values to remain stable in Bangalore and to improve in Chennai and Hyderabad.