Ascendas India Trust's Q1 DPU dips to 1.31 cents

HIGHER current income tax expenses and income hedging losses arising from the appreciation of the Indian rupee against the Singapore dollar eroded results for IT park owner Ascendas India Trust (AIT) in its first quarter.

Distribution per unit (DPU) dipped to 1.31 Singapore cents from 1.36 Singapore cent in the previous year, the group said in a Singapore Exchange filing on Monday evening.

That came as Q1 income available for distribution shrank 3.4 per cent to S$13.5 million from the previous year.

For the three months ended June 30, gross revenue jumped 29.5 per cent to S$46.7 million from the previous year. Net property income jumped 28.7 per cent to S$30.4 million from the previous year.

The expansion in gross revenue was due to incremental income from new acquisitions, developments, and positive rental reversions, it said.

AIT units closed unchanged at S$1.16 on Monday.