Mapletree Commercial Trust's Q1 DPU rises 11.2% to 1.95 cents

The Signature, an office building owned by Mapletree Industrial Trust, stands in Changi Business Park in Singapore, on Thursday, Oct 21, 2010. Higher revenues from its properties helped Mapletree Commercial Trust post stronger earnings for the f
The Signature, an office building owned by Mapletree Industrial Trust, stands in Changi Business Park in Singapore, on Thursday, Oct 21, 2010. Higher revenues from its properties helped Mapletree Commercial Trust post stronger earnings for the first quarter on Thursday, July 24, 2014. -- PHOTO: BLOOMBERG

SINGAPORE - Higher revenues from its properties helped Mapletree Commercial Trust post stronger earnings for the first quarter on Thursday.

The trust, which is managed by Maple Commercial Trust Management, posted a distribution per unit (DPU) of 1.95 cents for the three months to June 30, up 11.2 per cent from the preceding year. This will be paid to unitholders on Sept 4.

Income available for distribution for the quarter rose 12.9 per cent from the year before to $41 million.

Net property income was up 9.7 per cent at $51.7 million while gross revenue increased 6.6 per cent to $68.7 million from the corresponding period last year.

The trust's manager said in a statement that its better performance was largely due to stronger contributions from its VivoCity mall, PSA Building and Mapletree Anson property.

Property expenses were also 1.8 per cent down to $17 million in the same period, thanks to lower consumption and expenditure on marketing activities.

Earnings per unit for the three-month period ended June 30 was 1.83 cents, up from 1.646 cents the same period a year ago.

Net asset value per unit as at June 30 remained unchanged at $1.16 from Mar 31.

Its units rose half a cent to close at $1.39 on Thursday.