Company Briefs: PLife Reit

PLife Reit

Parkway Life Real Estate Investment Trust's (PLife Reit) first-quarter distribution per unit (DPU) fell to 3.17 cents from 3.28 cents a year ago due to the absence of a one-off distribution of divestment gain that was recorded in the same period last year.

DPU from the group's recurring operations rose 3.6 per cent from 3.06 cents to 3.17 cents.

Gross revenue for the three months to March 31 increased 3.2 per cent to $27.8 million on the back of contributions from a nursing rehabilitation facility acquired in February this year, higher-yielding properties acquired from the asset recycling initiative completed in February last year, as well as higher rent from the Singapore properties.

Net property income was up 3.3 per cent at $25.96 million.


IndoAgri

Mainboard-listed agribusiness IndoAgri posted a 71 per cent fall in net profit to 49.8 billion rupiah (S$4.75 million) for the first quarter on lower palm product output and commodity prices.

This came on the back of a 27 per cent drop in revenue to 3.19 billion rupiah for the three months ended March 31, due to lower sales from its plantation and edible oils and fats (EOF) divisions.

The plantation division saw a 34 per cent decline in revenue, which was due mainly to lower average selling prices and sales volume of crude palm oil, palm kernel and rubber.

Revenue from the EOF division decreased by 6 per cent on lower edible oil selling prices.

IndoAgri said agricultural commodity prices will continue to remain volatile.


Oxley Holdings

Property developer Oxley Holdings has agreed to take a 10.1 per cent stake in the Malaysia-based, Catalist-listed Aspen Group at an issue price of 24 cents a share, or $23.3 million.

The price represents a 14.7 per cent premium to the volume-weighted average price of 20.92 cents transacted last Friday, the last full market day prior to both parties signing the agreement yesterday.

Aspen is a property development group based in Malaysia with a focus on developing affordable residential and mixed development properties.

It will use the proceeds from the deal to acquire land banks, future developments and as working capital.

A version of this article appeared in the print edition of The Straits Times on May 01, 2018, with the headline 'Company Briefs: PLife Reit'. Print Edition | Subscribe