CapitaLand China Trust (CLCT) - formerly known as CapitaLand Retail China Trust - has posted a distribution per unit (DPU) of 3.33 cents for the second half of the financial year.
The name change took effect on Thursday to reflect the trust's expanded investment mandate to include offices, business parks, logistic facilities, data centres and integrated projects.
Its manager is now known as CapitaLand China Trust Management.
The trust's second-half DPU was a 30.2 per cent year-on-year decline from the same period in 2019, due to comparatively lower gross revenue, net property income (NPI) and distributable income from the trust's 51 per cent interest in Guangzhou's Rock Square mall.
Distributable income for the six months to Dec 31 last year was 22.8 per cent lower at $42.7 million. It included the release of $1.8 million in income retained in the first half and $1.8 million in compensation received by CapitaMall Erqi retained in 2019.
Gross second-half revenue fell 15.9 per cent to 545.2 million yuan (S$113 million), mainly due to the restructuring of some leases to help tenants get through Covid-19, and the absence of CapitaMall Erqi's contribution following its divestment.
Lower portfolio effective occupancy rates for the period due to tenancy adjustment downtime also contributed to the decline in overall gross revenue.
In Singapore-dollar terms, gross revenue declined 4.2 per cent to $109 million as the Singdollar climbed against the renminbi.
NPI dropped 19.6 per cent to 349.6 million yuan and was down 17.9 per cent to $69.9 million in Singdollar terms.
DPU for the full year ended Dec 31 came in at 6.35 cents, 35.9 per cent below that of 2019.
NPI for the full year was $135.2 million, down 18.2 per cent, while distributable income was 25.2 per cent lower at $79.7 million.
The manager's chief executive, Mr Tan Tze Wooi, said the proceeds from its recent divestment of some assets in Wuhan will enhance the balance sheet and financial capacity to pursue other growth opportunities.
"We will continue to ride on the positive momentum to extract, unlock and create value from our enlarged portfolio," he noted. "Plans include space reconfiguration in CapitaMall Yuhuating and redevelopment of the northern belt in the Ascendas Xinsu portfolio."
CLCT units closed down 2.82 per cent at $1.38 yesterday.
THE BUSINESS TIMES
