SG Ascott Reit's unitholders' distribution up 14% to $27.6m
Property Here - Monday, April 29, 2013
By Nikki De Guzman:
Ascott Residence Trust (Ascott Reit) posted a 14 percent increase in unitholders’ distribution in Q1 2013 to S$27.6 million compared to the same period last year, while distribution per unit climbed five percent to 2.25 cents.
“Ascott Reit has continued to deliver good returns to Unitholders despite the slower global economy due to the ongoing macroeconomic uncertainties,” said Lim Jit Poh, Chairman of the Reit's manager.
The hike was the result of a realised exchange gain of S$8.1 million from the repayment of foreign currency bank loans using the placement proceeds.
Meanwhile, revenue dropped three percent to S$69.2 million due to the divestment of Somerset Grand Cairnhill Singapore (pictured) and Somerset Gordon Heights Melbourne in 2012, and lower contribution from the Reit’s existing properties - mainly in Singapore and Japan.
Additionally, gross profit declined nine percent to S$33.8 million due mainly to lower revenue, higher staff costs and depreciation expense.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email email@example.com