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Suntec Reit's Q3 earnings up on back of higher revenue

SUNTEC Real Estate Investment Trust's (Reit's) distributable income grew 9.2 per cent year-on-year for the three months at end September 2015 to S$63.6 million.

This translates to a distribution per unit of 2.522 Singapore cents for Q3 FY2015, 8.3 per cent higher than the corresponding quarter in 2014.

ARA Trust Management (Suntec) Limited, manager of the trust, on Thursday said the higher income is attributable to growth in revenue and net property income from the completion of Suntec City Phase 3 and a capital distribution of S$4.6 million.

Revenue for the third quarter was up 20.4 per cent to S$86.1 million on the back of the opening of Suntec City Phase 3.

Correspondingly, net property income grew 19.9 per cent to S$58.5 million, even as property expenses incurred for the quarter went up 21.4 per cent to S$27.6 million.