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CCT's Q2 DPU inches up on higher distributions from joint ventures
CAPITALAND Commercial Trust (CCT) on Wednesday reported a distribution per unit (DPU) of 2.20 Singapore cents for the second quarter of FY2016, up slightly from 2.19 cents a year ago.
Distribution to unitholders clocked S$65.09 million, or one per cent higher year on year, despite lower net property income. This was due to more distributions received from CCT's 40 and 60 per cent interests in CapitaGreen and Raffles City Singapore respectively.
Revenue slid 2.2 per cent to S$67.57 million due to lower occupancies in some buildings, while net property income was down 4.5 per cent to S$51.45 million as a result of higher operating expenses attributed to leasing commissions and property tax.
For H1 2016, distributable income was 2.2 per cent higher at S$129.93 million. This was despite gross revenue sliding 2.1 per cent to S$134.43 million and net property income falling 4 per cent to S$103.48 million.
The total DPU for the first half worked out to 4.39 cents, versus 4.31 cents a year ago.
The payment date for the DPU - which is paid twice yearly - is Aug 25.