Fortune Reit's H1 DPU up 6%

SINGAPORE -Healthy rental reversion and renovations at Belvedere Square in Tsuen Wan, Hong Kong, boosted Fortune Real Estate Investment Trust's (Reit's) earnings for the first half of the year.

Distribution per unit (DPU) for the six months to June 30 rose 6 per cent to 24.78 HK cents (4 Singapore cents). It will be paid on Aug 29.

Based on the closing unit price of HK$9.25 as at June 30 in Hong Kong, the DPU implied an annualised distribution yield of 5.4 per cent.

Distributable income rose 6.7 per cent to HK$470 million, on the back of a 6.1 per cent rise in revenue to HK$979.1 million.

Net property income rose 7.9 per cent to HK$705.9 million.