Lower contributions from several properties hit Keppel Reit's Q3 DPU
LOWER contributions from several properties took a toll on results for office landlord Keppel Reit in its third quarter.
Distribution per unit (DPU) slipped to 1.36 Singapore cents from 1.4 Singapore cents in the year-ago period, the group said in a Singapore Exchange filing on Monday.
That came as Q3 income available for distribution slipped 1.4 per cent to S$46.3 million from the year-ago period.
For the three months ended Sept 30, gross revenue fell 9.4 per cent to S$36.7 million from the preceding year. Net property income fell 10.9 per cent to S$28.2 million from the preceding year.
These were due to lower contributions from Ocean Financial Centre, 275 George Street and 8 Exhibition Street, partially offset by higher property income and net property income from Bugis Junction Towers.
The group's total return before tax for the quarter was S$24.6 million, compared to S$40.1 million a year ago, mainly due to lower net property income from the three properties, lower rental support, lower share of results of associates and joint ventures, higher borrowing costs, net foreign exchange differences, as well as net change in fair value of derivatives. Keppel Reit units finished S$0.02 or 1.8 per cent up at S$1.14 on Monday, before the results were announced.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BNP Paribas beats estimates as lower costs offset trading slump
TikTok ultimatum puts US firms in firing line for China response
Toyota and Nissan pair up with Tencent and Baidu for China AI arms race
BHP targets Anglo American in bid valuing miner at US$39 billion
FTSE 100 hits record high on big mining M&A, earnings push
Hermes Q1 sales jump 17% on strong China demand