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Ascendas India Trust posts 7% rise in Q4 DPU

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, while in rupees, NPI rose 3 per cent to 948 million rupees (S$19.83 million). During the quarter, the Singapore dollar depreciated by 6 per cent against the Indian rupee compared to a year ago.

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. With a land bank that has a total development potential of 3.6 million sq ft, secured acquisition targets in Hyderabad and Pune, and a pipeline of other acquisition targets, Ascendas India Trust is well poised to grow its portfolio in the coming years."

The trust manages a portfolio of 8.07 million sq ft in super built-up area with 324 office and retail tenants as of March 31.

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A distribution of 2.46 Singapore cents has been declared for the period from Oct 1, 2014 to March 31, 2015.