Croesus Retail Trust reports DPU of 2.08 Singapore cents for Q1 FY2015

CROESUS Retail Trust (CRT) on Wednesday reported an income available for distribution of 790.99 million Japanese yen (S$8.92 million) for Q1 FY2015 ended Sept 30, 2014, with distribution per unit (DPU) for the quarter working out to 2.08 Singapore cents.

The Japanese mall investment trust has no directly comparable financial statements for the period July 1, 2013, to Sept 30, 2013, as it was listed on May 10 last year and obtained a waiver from the Singapore Exchange to report its first financial results for the period spanning May 10, 2013, to Sept 30, 2013.

Croesus said that its income available for distribution for Q1 2015 beat its forecast by 22.3 per cent, while available DPU beat its forecast by 10.1 per cent.

Meanwhile, gross revenue worked out to 1.71 billion yen as it received contributions from new properties and increased other income from another existing property. Net property income came to 1.11 billion yen, underpinned by the same factors.

"The weakening of the yen against other currencies has led to, and will lead to, a further accelerated rise in asset prices in Japan, and will increase further the level of competition for acquiring real estate assets in Japan," CRT highlighted. "Despite this, CRT has successfully completed its acquisition of One's Mall, a quality large-scale retail asset, at a competitive price."

CRT expects its properties to continue generating robust and stable cash flows for the next quarterly reporting period and the next 12 months.