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Ascendas India Trust to pay higher Q2 DPU of 1.98 Singapore cents

ASCENDAS India Trust will pay out a distribution per unit (DPU) of 1.98 Singapore cents for the second quarter, up 32 per cent from the year before, the manager said on Wednesday.

Distributable income was up 46 per cent year-on-year to S$20.6 million, lifted in part by higher interest income from investments, while net property income rose 4 per cent to S$32.9 million for the three months to Sept 30 on lower expenses.

Still, total property income slipped 2 per cent to S$44.9 million, due to the Singdollar's gains against the Indian rupee.

Income would otherwise have been up 8 per cent in rupee terms, as contributions from new acquisitions were partially offset by a fall in utilities income, on the closure of a dedicated power plant.

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Ascendas India Trust has a portfolio of seven information technology parks and six operating warehouses in India, with a weighted average lease expiry of 4.4 years and a committed portfolio occupancy of 97 per cent as at Sept 30.

Net property income for the six months was up 7 per cent to S$66.5 million, despite total property income dipping 2 per cent to S$89.8 million.

The freshly announced DPU will take the trust's six-month payout to 3.58 Singapore cents, against 2.81 Singapore cents in the year before.

Units closed down by S$0.01 or 0.94 per cent at S$1.06 apiece.