CCT posts 1.9% rise in distributable income for second quarter

Higher property income and savings from lower interest rates helped CapitaCommercial Trust (CCT) post healthy second quarter results on Wednesday.

Distribution per unit (DPU) for the three months to Jun 30 came in at 2.07 cents, 0.5 per cent higher than the same period a year ago, said CCT at a briefing.

The office trust added that better performance from its Six Battery Road and HSBC Building properties helped increase its gross revenue for the quarter to $97.5 million, up 1.8 per cent from the same period a year ago.

Distributable income for the quarter was up 1.9 per cent from last year to $59.6 million.

But net property income for the quarter was $74.9 million, down 0.5 per cent from $75.2 million the same period a year earlier. This was because of higher property operating expenses and property taxes for the quarter, CCT noted.

"We saw active leasing at CCT's properties, resulting in an increase in portfolio occupancy to 95.8 per cent in the second quarter, from 95.3 per cent in the first quarter," said CCT's chief executive Lynette Leong.

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