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CapitaLand Retail China Trust Q1 DPU almost flat, gross revenue down

CAPITALAND Retail China Trust's (CRCT) first-quarter distribution per unit came in at 2.75 Singapore cents, a marginal increase of 0.4 per cent from the same period a year earlier.

Gross revenue for the three months ended March 31 fell 7.9 per cent year-on-year to S$55.4 million, while net property income slid 7.7 per cent to S$37.2 million. The decline was due mainly to the divestment of CapitaMall Anzhen with effect from Jul 1, 2017 and lower revenue from CapitaMall Grand Canyon.

The amount distributable to unitholders rose 9.6 per cent from a year earlier to S$26.7 million.

Based on CRCT's closing price of S$1.55 on Apr 26, the annualised distribution yield for the quarter was 7.2 per cent.

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CRCT's malls registered rental reversion of 12.8 per cent in the first quarter. Portfolio occupancy as at March 31 came in at 95 per cent, while tenants' sales and shopper traffic for the quarter increased year-on-year by 2.1 per cent and 7.7 per cent respectively.