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Starhill Global Reit posts 1.26 cents DPU for Q5

Starhill Global Reit on Wednesday posted a distribution per unit (DPU) of 1.26 Singapore cents for its fifth quarter ended March 31, 2015.

(The retail Reit's financial year end has been changed from December 31 to June 30. Thus, the FY14/15 financial year will be a 18-month period from January 1, 2014 to June 30, 2015.)

The DPU was 1.6 per cent higher than the 1.24 Singapore cents it paid out a year ago.

Gross revenue fell 2.7 per cent to S$47.9 million, mainly due to lower contributions from China, loss of income contribution from Japan divestments in March 2014 and net foreign currency movements.

Renhe Spring Zongbei Property in Chengdu contributed lower revenue and earnings than in Q1 FY14/15 amid a contraction of the high-end and luxury retail segment. This was a result of government austerity drive and increased competition from new and upcoming retail developments in the city, the Reit said.

Net property income dipped 0.6 per cent to S$38.9 million accordingly.