SINGAPORE - OUE Commercial Reit delivered a sharp drop in distribution per unit (DPU) owing to lower earnings and revenue in the second quarter.

A private placement of units this year also affected DPU, which came in at 1.15 cents, down 15.4 per cent from 1.36 cents a year earlier.

Net property income for the three months to June 30 slipped 1.3 per cent from a year earlier to $34.8 million. Turnover declined 3.2 per cent year-on-year to $44.2 million.

The trust manager said on Wednesday (Aug 2) that the reduced revenue was due to "lower one-off income" recognised in the quarter.

Quarterly earnings per unit rose to 0.88 cents from 0.72 cents in the previous year. Net asset value per unit dropped to 86 cents as at June 30, down from 93 cents as at Dec 31.

First-half net property income was 1.4 per cent higher than a year earlier at $69.4 million, as revenue rose by 0.5 per cent to $89 million.

The counter closed half a cent higher on to 73 cents on Wednesday before the results were announced.