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CapitaRetail China Trust's Q1 DPU up 10%

Friday, April 24, 2015 - 19:54

CAPITARETAIL China Trust's first-quarter 2015 distribution per unit (DPU) was up 10 per cent at 2.64 Singapore cents, compared to 2.40 Singapore cents in the year-ago period.

Over the same period, distributable income was up 13 per cent at S$22.2 million, versus S$19.6 million in the first quarter of 2014.

In Q1 2015, the trust's portfolio of malls registered net property income of S$34.5 million, a 6.8 per cent gain over the same period in 2014.

Rental reversion was 12.8 per cent and portfolio occupancy as at March 31, 2015, stood at 95.1 per cent.

Meanwhile, tenants' sales and shopper traffic for the quarter increased by 14.3 per cent and 1.6 per cent respectively.

CapitaRetail China Trust's chairman, Victor Liew, said the trust remains positive on China's long-term outlook and retail sales prospects, with the Chinese government's firm commitment to boosting domestic consumption as the key driver of economic expansion.

"In the first quarter of this year, China's economy expanded at a steady rate of 7 per cent, in line with the government's growth target of about 7 per cent for the full year," he said.

Looking ahead, CapitaRetail China Trust's CEO, Tony Tan, said the trust will continue to opimise the retail mix in its malls and strengthen its attractiveness to shoppers to enhance unitholder value.

"With the financial flexibility provided by our robust balance sheet, we will continue to look out for suitable acquisition opportunities to propel our next phase of growth," he said.

On Friday, CapitaRetail China Trust closed trading up 10 cents at S$1.75.