Rising China retail sales lift CRCT's Q2 distributions
Published on Jul 24, 2014 10:50 AM
SINGAPORE - Steady economic growth and rising retail sales in China helped CapitaRetail China Trust (CRCT) raise its second-quarter distribution per unit by 8.8 per cent over a year ago to 2.59 cents.
The mall trust's distributable income increased 18.7 per cent in the time to $21.3 million, while net property income rose 29.5 per cent to $34.2 million.
Revenue climbed 27.5 per cent to $51 million, the trust's manager CapitaRetail China Trust Management said on Thursday.
"In the second quarter of 2014, China's economy expanded 7.5 per cent year-on-year and in the first half of the year, the country's retail sales rose by 12.1 per cent year-on-year to 12.4 trillion yuan (S$2.5 trillion)," said Mr Victor Liew, chairman of the trust's manager.
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