Poorer performance of Bugis Junction Towers hits Keppel Reit's Q2 results

LOWER revenue and net property income from Bugis Junction Towers dented office owner Keppel Reit's results for the second quarter.

Distribution per unit (DPU) for the three months ended June 30, 2017, slid to 1.42 Singapore cents from 1.61 Singapore cents in the year-ago period, the group said in a Singapore Exchange filing on Tuesday evening. This was partly also due to an absence of distribution of other gains compared to the corresponding quarter a year ago.

That came as Q2 income available for distribution sank 9.7 per cent to S$47.4 million from the previous year. Gross revenue slipped 1.7 per cent to S$39.8 million. Net property income dipped 1.7 per cent to S$31.9 million.

The trust's property portfolio includes Ocean Financial Centre, Bugis Junction Towers, and stakes in One Raffles Quay and Marina Bay Financial Centre.

Keppel Reit units closed one cent or 0.9 per cent higher at S$1.17 on Tuesday, before its results announcement.