Keppel Reit has announced a first-quarter distribution per unit (DPU) of 1.45 cents, down 13.7 per cent from a DPU of 1.68 cents in the same period a year ago.
This amounted to an annualised distribution yield of 5.5 per cent based on the closing price per unit of $1.05 as at March 31. That compares with a yield of 6.2 per cent a year earlier.
Net property income was $31.4 million in the three months ended March 31, down 4.6 per cent from a year ago.
Income available for distribution was $48.1 million, down 11.6 per cent from a year ago. This was due mainly to the absence of income from the divested 77 King Street in Sydney in January last year and lower income contribution from Bugis Junction Towers.
Occupancy at Keppel Reit's Singapore properties was 99.3 per cent, and 99.7 per cent for those in Australia.
Separately, Keppel Reit Management, which manages the Reit, yesterday said it has appointed Mrs Penny Goh as chairman with effect from April 22.
Mrs Goh, 64, will replace Dr Chin Wei-Li, Audrey Marie, 59, who is stepping down after more than 12 years of service.
Also, directors Tan Chin Hwee and Tan Cheng Han will step down from the board on July 1.
United Overseas Insurance
United Overseas Insurance (UOI) posted a net profit of $7 million for the first quarter, down 0.6 per cent from the same period a year earlier on lower underwriting profits.
Gross premiums written in the three months to March 31 fell 4.9 per cent to $28.9 million, due largely to timing difference in premium declarations.
However, there was no apparent significant loss in business, UOI said.
Earnings per share was 45.82 cents, down from 46.09 cents in the first quarter a year ago.
Net asset value per share was $5.74 as at March 31, up from $5.48 as at Dec 31.
UOI said it will continue to face challenges, given economic uncertainty and intensifying competition in the local insurance market.
"Given its advantage in bancassurance and other promising marketing initiatives, the company expects performance to remain satisfactory," UOI said.