OUE Commercial Reit reports properties do well in Q1; DPU down 6.8%

 Property operating expenses grew 5.3 per cent in line with improved revenue, and tax expenses rose 13.7 per cent to S$4.4 million.
Property operating expenses grew 5.3 per cent in line with improved revenue, and tax expenses rose 13.7 per cent to S$4.4 million. PHOTO: OUE COMMERCIAL REIT

SINGAPORE - OUE Commercial Reit (real estate investment trust) reported distribution per unit slipped 6.8 per cent to 1.23 cents for the three months to March 31, compared with the same period year earlier.

The amount available for distribution dipped 2.3 per cent to S$16.6 million, owing to prudent measures regarding China-sourced profits from Lippo Plaza in Shanghai.

Quarterly net property income grew 4.2 per cent to S$34.6 million, in line with revenue which added 4.4 per cent to S$44.8 million.

Property operating expenses grew 5.3 per cent in line with improved revenue, and tax expenses rose 13.7 per cent to S$4.4 million, in line with higher taxable profits at Lippo Plaza and One Raffles Place.