Suntec Reit Q3 DPU rises despite lower revenue
MALL owner Suntec Real Estate Investment Trust (Suntec Reit) posted a third-quarter distribution per unit (DPU) of 2.535 Singapore cents, up from 2.522 Singapore cents the previous year, it said in a Singapore Exchange filing on Thursday.
Net property income for the three months ended Sept 30, 2016, slid 2.1 per cent to S$57.23 million on the back of a 4.3 per cent drop in gross revenue to S$82.37 million from the preceding year.
But distributable income went up 1.1 per cent to S$64.34 million.
The Reit said the decline in revenue was due to its sale of Park Mall and lower revenue from Suntec Singapore, which was mitigated by revenue contribution from 177 Pacific Highway after "practical completion" as well as an increase in revenue from the opening of Suntec City mall (Phase 3) after renovation was finished.
Suntec Reit units fell 1.5 Singapore cents to S$1.73 on Thursday before its results.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
US, Philippines eye agreement to cut China nickel dominance
GSK profit drops in first quarter on higher costs
London watchdog’s name-and-shame plan is mad, bad and dangerous to the City
Foxconn’s musical chairs sound like punk rock
AI fuels cloud computing boom for tech giants
AMD slides after AI chip forecast misses lofty estimates