Ascendas India Trust's Q2 net property income rises 26% to S$31.6m

HIGHER rentals and new income contribution lifted results for Ascendas India Trust (a-iTrust) in its second quarter.

In Singapore dollar (SGD) terms, net property income jumped 26 per cent to S$31.6 million from the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

For the three months ended Sept 30, revenue jumped 24 per cent to S$46.1 million from the previous year. The rise in revenue was due partly to income contribution from newly acquired and completed developments, as well as rent increases. This was despite the SGD depreciating by about 5 per cent against the Indian rupee compared to the same period last year.

Earnings per unit dropped to 1.01 Singapore cents, from 1.84 Singapore cents in the year-ago period. Net asset value per unit slipped to 0.79 Singapore cent as at Sept 30, from 0.81 Singapore cent in six months ago.

Distribution per unit crept up to 1.5 Singapore cents from 1.37 Singapore cents in the previous year. a-iTrust units ended 1.5 Singapore cents or 1.3 per cent up at S$1.145 on Wednesday.