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Ascendas India Trust Q3 DPU up to 2.05 S cents

HIGHER interest income from investments, a rise in net property income and a one-off tax benefit lifted results for IT park owner Ascendas India Trust (a-iTrust) in its third quarter despite a depreciating Indian rupee.

Distribution per unit (DPU) for the quarter jumped from 1.64 Singapore cents (see amendment note) in the previous year to 2.05 Singapore cents despite an enlarged unit base in the business trust due to a private placement exercise in February 2018 that saw 97.4 million new units issued.

Q3 income available for distribution leapt 38.9 per cent from S$15.3 million in the year-ago period to S$21.2 million.

However, in Singapore dollar terms, total property income for the period slid 3.4 per cent from S$46.5 million to S$44.9 million. The business trust said in a filing with the Singapore Exchange that this was due to the Singapore dollar's appreciation against the Indian rupee by "about 10 per cent over the same period last year".

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In Indian rupee terms, total property income increased 6 per cent from the year-ago period to 2.4 billion rupees.

Net property income rose 4 per cent to S$33.9 million from the previous year.

Its properties include the BlueRidge 2 in Pune; Atria at The V in Hyderabad and the Arshiya Warehouses near Mumbai.

Ascendas India Trust units ended S$0.01 or 0.9 per cent up at S$1.08 on Thursday.

Amendment Note: In an earlier version of the article, DPU in the year ago period was incorrectly stated as 1.82 Singapore cents. The correct figure is 1.64 Singapore cents. The article has been amended to reflect the correct figure.