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EC World Reit posts 8.2% increase in Q2 net profit

NET property income (NPI) for EC World Reit rose 8.2 per cent to S$22.8 million for the second quarter ended June 30, while gross revenue rose 7.6 per cent to S$24.9 million from a year ago.

Income available for distribution rose 3.1 per cent to S$12.4 million, resulting in an increase in distribution per unit (DPU) to 1.57 Singapore cents from 1.54 Singapore cents last year.

The higher revenue and NPI were mainly driven by contributions from the recently acquired Wuhan Meiluote property in China, as well as a stronger yuan during the quarter, EC World Reit said.

For the first half of the year, gross revenue rose 4.4 per cent to S$48.9 million from the previous year, and NPI increased 3.8 per cent to S$44.3 million.

Units in EC World Reit closed flat at S$0.71 per unit before the results were announced on Tuesday.

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