StarHill Global Reit registers 5% rise in Q2 DPU to 1.25 cents

A strong Singapore portfolio helped lift earnings at Starhill Global Reit, which owns parts of the Wisma Atria and Ngee Ann City shopping malls, for the second quarter this year.  -- PHOTO: YTL STARHILL GLOBAL REIT MANAGEMENT
A strong Singapore portfolio helped lift earnings at Starhill Global Reit, which owns parts of the Wisma Atria and Ngee Ann City shopping malls, for the second quarter this year.  -- PHOTO: YTL STARHILL GLOBAL REIT MANAGEMENT

SINGAPORE - A strong Singapore portfolio helped lift earnings at Starhill Global Reit for the second quarter this year.

Distribution per unit (DPU) for the three months to June 30 was 1.25 cents, which was 5 per cent higher than in the year before, the Reit said.

Net property income for the period rose 0.2 per cent to $39.2 million, as operating expenses for Singapore, Japan and China properties declined, and gross revenue fell 1.4 per cent to $48.4 million.

The Reit said that the higher revenue from the Singapore operations and higher net property income was offset by weaker overseas contributions.

This was mainly due to declining revenue from department store Renhe Spring Zongbei in Chengdu, China, the loss of income from having sold Tokyo project Holon L for about $12.8 million in March, and net foreign currency movements.

YTL Starhill Global manages the Reit, which owns parts of the Wisma Atria and Ngee Ann City shopping malls in Orchard Road.

YTL Starhill Global chairman Francis Yeoh said: "Tourist arrivals in Singapore have been affected by recent regional events.

"Despite this, our portfolio in Singapore continued to perform well, reflecting the quality of the assets as well as the continuous drive in repositioning our malls."