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CRCT's Q2 DPU marginally up
CAPITALAND Retail China Trust (CRCT) on Thursday reported a distribution per unit of 2.62 Singapore cents for the second quarter ended June 30, up 0.4 per cent from 2.61 cents last year.
Distributable income grew 4.3 per cent to S$23.3 million, compared to S$22.4 million in the previous year.
Net property income rose 12.6 per cent from S$35.5 million a year ago to S$39.97 million this year. This was driven by contribution from CapitaMall Xinnan that was acquired on Sept 30, 2016, and partially offset by the additional tax provision for Beijing malls due to a change from cost to revenue basis effective July 1, 2016.
Gross revenue came up to S$58.99 million, 14.5 per cent higher than last year's S$51.5 million. This was due mainly to the new contribution from CapitaMall Xinnan and partially offset by lower revenue due to the implementation of China VAT reform on May 1, 2016, where a 5 per cent VAT was netted against gross revenue reported for Q2 '17, said CRCT.
On Thursday, the trust announced that it will sell its entire interest in a company that holds CapitaMall Anzhen in Beijing, China, to Beijing Hualian Anzhen Business Development Company for about S$232 million.
As at June 30, CRCT owns and invests in a portfolio of 11 shopping malls located in seven of China's cities, including CapitaMall Xizhimen, CapitaMall Wangjing and CapitaMall Grand Canyon.