Ascendas India Trust posts higher Q3 DPU on new completions, rental increases

ASCENDAS India Trust on Tuesday reported a 5 per cent increase in distribution per unit (DPU) to 1.42 Singapore cents for its third quarter ended Dec 31, 2016 .

Total property income rose 5 per cent to S$39.3 million, while net property income rose 7 per cent to S$26.4 million.

The better performance was due to income from CyberVale 3, a business park in Chennai which was acquired in March 2016; income from the recently completed Victor building in Bangalore at the International Tech Park Bangalore; and positive rental reversions.

Its performance was in fact better in Indian rupee terms but the Singapore dollar had appreciated by 2 per cent against the rupee over the same period last year.

The counter lost 3.5 cents or 3.2 per cent to finish at S$1.05 on the stock market.