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SPH Reit posts unchanged Q3 DPU of 1.35 cents

Tuesday, July 7, 2015 - 19:08

SPH Reit on Tuesday reported a distribution per unit (DPU) of 1.35 Singapore cents for the third quarter ended May 31, 2015 - unchanged from a year ago.

This will be paid to unitholders on August 14, 2015.

"The aggregate DPU of 4.08 cents for the year-to-date ended May 31, 2015 was higher than last year by 1 per cent," the Reit said. Singapore Press Holdings owns about 69 per cent of the Reit, according to Bloomberg.

Net property income grew 4.3 per cent to S$39.3 million, while gross revenue rose 1.6 per cent to S$51.2 million on the back of higher rental income from both Paragon and The Clementi Mall.

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Looking ahead, the Reit said the tight domestic labour market is likely to affect the growth of labour-intensive sectors such as retail and food services.

The retail environment also remains challenging; the monthly retail sales index (excluding motor vehicles) fell 3.4 per cent in March and 0.7 per cent in April this year year-on-year .

International visitor arrivals continued to fall 5.4 per cent year-on-year for the first four months of 2015. Visitor arrivals are forecast to grow 0-3 per cent, and tourist receipts to grow 0-2 per cent in 2015.

SPH Reit's units closed unchanged at S$1.045 before its results release.

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