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CRCT's DPU for Q3 rises 12.3%

CapitaLand Retail China Trust posted a 12.3 per cent increase in distribution per unit (DPU) to 2.64 Singapore cents for the third quarter ended September 2015 from 2.35 Singapore cents a year ago.

Gross revenue came in 7.5 per cent higher at S$55.3 million from a year ago mainly due to the stronger renminbi against the Singapore dollar while net property income rose 9 per cent to S$35 million.

In RMB terms, gross revenue slipped 0.7 per cent to 251.8 million yuan while net property income rose marginally by 0.6 per cent to 160.3 million yuan.

The company attributed the lower revenue mainly due to CapitaMall Minzhongleyuan, which was impacted by the road closure for the construction work of a new subway line and lower revenue at CapitaMall Wuhu as the mall is undergoing tenancy adjustments.

The decrease was offset by rental growth in other multi-tenanted malls.

The units finished two Singapore cents or 1.4 per cent higher at S$1.50 on Friday.