CRCT posts Q1 DPU of 2.59 Singapore cents

CAPITALAND Retail China Trust (CRCT) on Wednesday posted a distribution per unit (DPU) of 2.59 Singapore cents for the first quarter ended March 31, down from 2.75 cents a year ago.

Gross revenue increased 1.1 per cent to S$55.96 million, underpinned by stronger rental growth from the core multi-tenanted malls, while net property income rose 7 per cent to S$39.8 million. Income available for distribution to unitholders was up 4.9 per cent to S$24.87 million. 

Tan Tze Wooi, chief executive of CRCT Management, said: "In 1Q 2019, CRCT's tenant sales increased 9.8 per cent year-on-year while shopper traffic grew 14 per cent. Portfolio occupancy as at March 31 2019 remained high at 97.4 per cent. This strong foundation will anchor CRCT's performance as we forge ahead with our tenant remix strategy to draw more popular concepts."

Units in CRCT closed at S$1.51 on Wednesday, up one cent.