SINGAPORE - CapitaLand India Trust (Clint) on Jan 29 reported a 21 per cent lower distribution per unit (DPU) for FY2023 of $0.0645, compared to $0.0819 in FY2022.
DPU for the second half of FY2023 also fell 21 per cent to $0.0309 from $0.0391 in FY2022, said the trust in a bourse filing.
Distributable income slipped 10 per cent in the second half of FY2023 to $45.7 million from $50.6 million in the second half of FY2022. FY2023 distributable income was down 10 per cent to $94.6 million from $105.7 million.
The drop in distributable income was due to higher finance costs and current income tax. The enlarged unit base following the preferential offering as well as the appreciation of the Singapore dollar against the Indian rupee led to the fall in DPU.
Total property income for the second half of FY2023 rose 15 per cent to $123.6 million from $107.3 million a year prior. This brought total property income for FY2023 to $234.1 million, up 11 per cent from $210.6 million in FY2022.
The increase in total property income was driven by new acquisitions, Arshiya Warehouse 7, Industry Facility 1, Block A, International Tech Park Hyderabad, International Tech Park Pune-Hinjewadi and higher rental incomes of existing properties. Meanwhile, the Singapore dollar appreciated 9 per cent to the Indian rupee in FY2023 compared to FY2022.
Total property expenses were up 24 per cent in the second half of FY2023 at $29.5 million, from $23.9 million in the second half of FY2022. Similarly, total property expenses for FY2023 rose 24 per cent to $54.4 million from $43.8 million in FY2022. The increase in property expenses was mainly due to higher operations and maintenance expenses and property management fees.
Net property income for the second half of FY2023 grew 13 per cent to $94 million from $83.4 million in the second half of FY2022. For FY2023, net property income grew 8 per cent to $179.6 million from $166.8 million in FY2022.
“Despite the elevated interest rate environment, our weighted average cost of debt remained unchanged at 6.3 per cent in both H1 FY2023 and H2 FY2023,” said Mr Sanjeev Dasgupta, chief executive officer of CapitaLand India Trust Management, the trustee-manager of Clint.
Gearing for Clint as at Dec 31 2023 was 35.8 per cent.
“In FY2024, we anticipate the full-year income from Block A, International Tech Park Hyderabad as well as 100 per cent leased Industrial Facility 2 and 3 at Mahindra World City, Chennai, to contribute to Clint’s overall growth,” said Mr Dasgupta.
Units of Clint closed 0.9 per cent or $0.01 lower at $1.06 on Jan 29. THE BUSINESS TIMES
