CapitaLand India Trust Q3 income up 13% on higher contributions

Capitaland India Trust's (Clint) total property income for the third quarter ended Sep 30 rose 13 per cent to three billion rupees (S$53.5 million) from 2.7 billlion rupees last year.

This comes on the back of higher income contribution from its portfolio, including Building Q1, Arshiya Warehouse 7 and industrial facility at Mahindra World City, Chennai.

Net property income grew 8 per cent to 2.4 billion rupees in Q3 2022, from 2.2 billion rupees. Gains from higher property income contributions were, however, partially offset by higher property expenses, said the trust's manager.

As at September 2022, the total floor area owned by Clint stands at 15.5 million square feet. This is projected to rise by 63 per cent as construction works for more than half of its properties are underway and are set to be completed at different timings ranging from the second half of this year to 2025.

The trust's portfolio occupancy stands at 91 per cent, and it has net gearing of 34 per cent as at end-September, including cash and cash equivalents.

CapitaLand India Trust was previously known as Ascendas India Trust. It was renamed in late September this year.

Units of the trust ended flat at S$1.14 on Friday.

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