Weak yuan hits CRCT's Q3 DPU

Singapore

DRAGGED by a weaker yuan in which it clocked its revenue, CapitaLand Retail China Trust (CRCT) reported a 10.6 per cent fall in distribution per unit (DPU) from a year ago to 2.36 Singapore cents.

Its gross revenue of 248.79 million yuan was 1.2 per cent lower than a year ago, largely attributable to two malls, CapitaMall Minzhongleyuan in Wuhan and CapitaMall Wuhu, which continued to be affected by road closure and tenant mix adjustments respectively.

CRCT's net property income (NPI) grew 0.6 per cent to 161.28 million yuan, a slower pace of growth than in preceding quarters due to the impact of higher property tax provision of 11.2 million yuan made for the Beijing malls due to a change in local p…