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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.

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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.