Dasin Retail Trust sees 23% rise in Q1 DPU to 1.83 cents

SINGAPORE - Dasin Retail Trust on Thursday (May 10) announced higher distribution per unit (DPU) of 1.83 Singapore cents, up 23 per cent from the previous year, for the three months ended March 31.

For Q1, the trust's net property income grew 86 per cent to $14.9 million, thanks to better operational metrics and contribution from the acquisition of Shiqi Metro Mall in June 2017. The trust clocked an 85 per cent jump in revenue to $18.5 million.

Major unitholders - Aqua Wealth Holdings Limited and Bounty Way - will waive a portion of their entitlement to distributions from Dasin Retail Trust for the "benefit of other unitholders", Dasin said in its results statement, with the total amount of the waived distribution to be distributed to the rest of the unitholders.

The planned development of the Guangdong-Hong Kong-Macau Greater Bay Area is expected to improve the economic growth within the region as well as enhance Zhongshan's economy, said Zhang Zhencheng, chairman of manager Dasin Retail Trust Management.

"The trust's properties are strategically located within the heart of the bay area which puts the trust in good stead to capitalise on the growth of the region," Mr Zhang said.

The trust ended trading on Thursday unchanged at $0.87 apiece.