Ascendas India Trust DPU for Q4 up 7%

Singapore

ASCENDAS India Trust (a-iTrust) achieved a 7 per cent year-on-year rise in distribution per unit (DPU) to 1.30 Singapore cents for the fourth quarter ended March 31, 2015, on the back of stronger net property income and a favourable exchange rate.

Net property income (NPI) in Singapore dollar terms rose 9 per cent to S$20.6 million; in Indian rupee, NPI rose 3 per cent to 948 million rupees. During the quarter, the Singapore dollar depreciated by 6 per cent against the India rupee compared to a year ago.

For the full year, a-iTrust's DPU grew 7 per cent to 4.86 Singapore cents, lifted by an 8 per cent rise in net property income to S$77.6 million.

Sanjeev Dasgupta, chief executive officer of the trust-manager, said: "This set of results reflects the growth that is coming through from our development and acquisition strategies and a stable Indian rupee."

The trust manages a portfolio of IT parks in India worth 45.3 billion rupees as of March 31, spanning 8.1 million sq ft in built-up area with 324 office and retail tenants. It enjoyed a retention rate of 86 per cent for leases due during the fiscal year from April 1, 2014 to March 31, 2015.

Its gearing was 25 per cent as at March 31, which provides the trust a debt headroom of S$318 million before it reaches the 40 per cent gearing limit.

The trust-manager cited property consultancy JLL's projections that rental values in the cities where its IT parks are located to either remain stable or improve this year.

A distribution of 2.46 Singapore cents has been declared for the period from Oct 1, 2014 to March 31, 2015, which will be paid out on May 26. At market close on Wednesday, a-iTrust units slipped 2.2 per cent or 2 cents to 89.5 cents.