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Croesus's Q4 profit falls 21.8% on fair-value adjustments; DPU up at 1.7 cents

CROESUS Retail Trust raised its distribution per unit (DPU) for the fourth quarter to 1.7 Singapore cents as fair-value adjustments dragged down net profit by 21.8 per cent to 4.4 billion yen (S$59 million).

The Japan-focused real estate investment trust's net property income rose 19.4 per cent to 1.44 billion yen in the three months ended June 30, but fair-value gains on investment properties slipped 6.2 per cent to 5.6 billion yen while derivative financial instruments incurred a loss of 820.6 million yen compared to a year-ago gain of 233.7 million yen.

That dragged down profit after tax into a decline even though profit before fair-value changes increased by 8.5 per cent to 832.9 million yen.

For the full year, net profit fell 21.5 per cent to 5.9 billion yen.

Income available for distribution rose 21.9 per cent to 1.1 billion yen for the fourth quarter.

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Although the declared DPU is 1.7 Singapore cents for the quarter, Croesus paid out an advanced distribution of 1.95 Singapore cents per unit in June for the period from Jan 1, 2016, to April 4, 2016. As such, unitholders will receive a distribution of 1.61 Singapore cents per unit on Sept 28, 2016.

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