SINGAPORE industrial landlord JTC Corporation reported a group net surplus of S$1.4 billion for its 2014 financial year ended March 31, 2015, up 7 per cent from a year ago.
Operating revenue was up 7 per cent to S$1.85 billion, primarily due to higher land and building rental income, which forms the bulk of revenues.
Non-operating income was up 32 per cent to S$604 million, largely due to gains from industrial government land sales.
Capital expenditure rose 31 per cent to S$2.3 billion, due to the purchase of industrial land and the development of projects such as Fusionopolis Two and Galaxis @ one-north, JTC BioMed Hub @ Tuas Biomedical Park and JTC CleanTech Two @ CleanTech Park.
As of end-March, the group has S$12.1 billion worth of investment properties, down 15 per cent from a year ago.
Total borrowings fell 80 per cent to S$494 million.
Total equity rose 9 per cent to S$18.3 billion.