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Ascendas India Trust Q1 profit grows 14%, to maintain distribution at S$0.0136

ASCENDAS India Trust's net profit rose 14 per cent to S$9.4 million in its fiscal first quarter, while income to be distributed stayed flat at 1.36 Singapore cents per unit.

Total property income rose 6 per cent to S$36.1 million as base rent increased by 7 per cent to S$22.7 million while operations, maintenance and utilities income stayed flat at S$10.8 million, said the India-based operator of business real estate.

The trust also realised S$590,000 of exchange gains in the three months ended June 2016, compared to a realised S$10.4 million exchange loss a year earlier as the Singapore dollar appreciated by 5 per cent against the Indian rupee over that time. Unrealised exchange losses were S$2.9 million in the reporting quarter, however, compared to a S$3.1 million gain in the year-ago period.

Newly acquired properties aVance 3 and CyberVale gave property income a boost during the quarter, as did positive rental reversions, the trust announced.

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Looking ahead, the trust noted that Jones Lang LaSalle Meghraj expects 2016 rental values to remain stable in Bangalore and to improve in Chennai and Hyderabad.