First Reit's Q1 DPU up 1.4%

MAINBOARD-LISTED First Real Estate Investment Trust reported a 1.4 per cent increase in distribution per unit (DPU) to 2.14 Singapore cents for the first quarter from 2.11 Singapore cents a year ago.

Net property income for the three months ended March 31, 2017 was S$26.87 million, up 2.5 per cent from S$26.21 million the year before.

The firm's interest income for the first quarter increased to S$310,000 from S$121,000 the previous year mainly due to the return from the first progress payment made in Q1 2016 for the development works on new Siloam Hospitals Surabaya.

Gross revenue stood at S$27.15 million, up 2.5 per cent from S$26.5 million the year before mainly due to the contribution from Siloam Hospitals Labuan Bajo which was acquired in December 2016.

First Reit closed at S$1.345 on Monday, down 0.5 Singapore cent or 0.37 per cent.