SINGAPORE - Capitaland Retail China Trust'S (CRCT) distribution per unit (DPU) increased 0.8 per cent to 2.64 cents for the second quarter ended June 30 from 2.62 cents a year ago on the back of new contribution from the Rock Square mall in Guangzhou.
If year-ago results were restated to account for a private placement exercise in December 2017 that issued 64.4 million new units to part finance the acquisition of Rock Square, DPU would have risen 8.2 per cent from 2.44 cents, the China-focused mall trust announced on Friday (July 27).
Distributable income grew 10 per cent to $25.66 million, compared to $23.34 million in the previous year. This was boosted by the first full-quarter contribution from Rock Square. Net property income fell 5.9 per cent to $37.63 million from a year-ago $39.97 million.
Gross revenue also slipped to 4.6 per cent to $56.28 million from $58.99 million in the year-ago quarter, mainly due to loss of contribution from CapitaMall Anzhen, which was divested with effect from July 1, 2017. The loss was offset by Rock Square contribution.
For the first half of the year, DPU edged up 0.6 per cent to 5.39 Singapore cents. First-half revenue fell 6.3 per cent to $111.65 million from $119.09 million, while net property income shrank 6.8 per cent to $74.81 million from $80.27 million a year ago.
Based on an annualised DPU of 10.59 cents and CRCT's closing price of $1.54 per unit on July 26, the annualised distribution yield for Q2 2018 was 6.9 per cent. Unitholders can expect to receive their DPU for Q1 and Q2 2018 on September 20.