Corporate digest

IPIT

INDIABULLS Properties Investment Trust (IPIT) swung into a net loss of S$476,000 for the first quarter ended June 30, from a net profit of S$195,000 in the year-ago period, as property income fell and operating expenses rose. Net property income for the period declined 11 per cent from a year ago to S$16.2 million, while total property expenses increased by 17 per cent to S$10.1 million.

IPIT earned S$23.1 million of rental income, down 3 per cent year on year, in the fiscal quarter from the commercial component of the properties comprising One Indiabulls Centre and Indiabulls Finance Centre. No distribution has been declared for the quarter ended June 30.

PSL Holdings

PSL Holdings disclosed on Tuesday its plans to diversify its business into investing in companies and other entities through equity, securities and other instruments such as bonds or convertible bonds, and investing in quoted securities and instruments including but not limited to funds and bonds. It is currently an investment holding company that provides logistics and support services to the construction industry in Singapore. As the proposed diversification is expected to change the risk profile of the company, shareholders' appro…