CapitaGreen and Raffles City lift CCT Q1 distributable income

HIGHER distributable income from its interests in CapitaGreen and Raffles City Singapore gave a boost to earnings for CapitaLand Commercial Trust (CCT) in the first quarter, it said in a press release Friday morning.

This helped to make up for a dip in net property income and revenue.

It estimated a distribution per unit (DPU) of 2.19 Singapore cents for the three months ended March 31, 2016, which is 3.3 per cent above the DPU of 2.12 Singapore cents a year ago.

Distributable income rose 3.3 per cent from the previous year to S$64.85 million, which CCT said was mainly due to higher distributable income from its 40 per cent interest in CapitaGreen and 60 per cent interest in Raffles City Singapore.

Those contributions helped to make up for a dip in earnings from CCT's wholly owned assets. Net property income slid 3.6 per cent year-on-year to S$52.03 million, which CCT put down mainly to higher property tax and a lower occupancy rate at Capital Tower.

Gross revenue also slipped 1.9 per cent to S$66.86 million from the preceding year.