Indiabulls Properties Investment Trust swings into the red for Q1

INDIABULLS Properties Investment Trust (IPIT) swung into a net loss of S$476,000 for the first quarter ended June 30, from a net profit of S$195,000 in the year-ago period, as property income fell and operating expenses rose.

Net property income for the period fell 11 per cent from a year ago to S$16.2 million, while total property expenses increased by 17 per cent to S$10.1 million.

IPIT earned S$23.1 million of rental income, down 3 per cent year on year, in the fiscal quarter from the commercial component of the properties comprising One Indiabulls Centre and Indiabulls Finance Centre.

Its gearing as of June 30 stood at 23.4 per cent of the value of IPIT's property portfolio.

No distribution has been declared for the quarter ended June 30.