SPH Reit posts unchanged Q3 DPU of 1.35 cents

SPH Reit on Tuesday reported a distribution per unit (DPU) of 1.35 Singapore cents for the third quarter ended May 31, 2015 - unchanged from a year ago.

This will be paid to unitholders on August 14, 2015.

"The aggregate DPU of 4.08 cents for the year-to-date ended May 31, 2015 was higher than last year by 1 per cent," the Reit said. Singapore Press Holdings owns about 69 per cent of the Reit, according to Bloomberg.

Net property income grew 4.3 per cent to S$39.3 million, while gross revenue rose 1.6 per cent to S$51.2 million on the back of higher rental income from both Paragon and The Clementi Mall.

Looking ahead, the Reit said the tight domestic labour market is likely to affect the growth of labour-intensive sectors such as retail and food services.

The retail environment also remains challenging; the monthly retail sales index (excluding motor vehicles) fell 3.4 per cent in March and 0.7 per cent in April this year year-on-year .

International visitor arrivals continued to fall 5.4 per cent year-on-year for the first four months of 2015. Visitor arrivals are forecast to grow 0-3 per cent, and tourist receipts to grow 0-2 per cent in 2015.

SPH Reit's units closed unchanged at S$1.045 before its results release.