Net profit for Indiabulls Properties Investment Trust sinks on exchange rates, higher costs
Indiabulls Properties Investment Trust has posted a 92 per cent drop in net profit for its third quarter, as unfavourable currency movements caused total income to fall.
Net profit for the three months ended Dec 31 last year sank to $178,000, from $2.2 million a year ago, according to financial statements filed with the Singapore Exchange on Friday.
Rental income declined to $20.1 million in the quarter from $22.7 million the previous year, mainly due to the appreciation of the Singapore dollar against the Indian rupee, the trust said. It owns prime office properties and premium luxury residential projects in Mumbai, India.
Despite the fall in income, property expenses for the trust rose 20 per cent in the quarter over a year ago to $8.7 million.