Company Briefs: Suntec Reit

Suntec Reit

Suntec Real Estate Investment Trust will pay a distribution per unit (DPU) of 2.59 Singapore cents for the fourth quarter to Dec 31 last year, the manager has announced.

This is down from 2.604 Singapore cents in the previous year on an enlarged unit base, as new units were issued to the manager as partial satisfaction of asset management fees. There had also been a conversion of convertible bonds into new units in the last quarter of the preceding year.

Distributable income edged up by 0.3 per cent to $69.5 million, as net property income rose by 2.3 per cent to $60.7 million, according to financial statements released yesterday.

The gains came on a 7 per cent increase in gross revenue to $93.5 million, with higher contributions from the Reit's office, retail and convention businesses, mainly at the Suntec properties in Singapore and 177 Pacific Highway in Australia.

Suntec Reit had a committed occupancy rate of 98.7 per cent for its office portfolio and 99.1 per cent for its retail assets, as of Dec 31 last year, the manager reported.

The weighted average lease expiry was 3.8 years for offices and 2.47 years for the retail properties. Gearing was 38.1 per cent as of the same date.

For the full year, net property income slipped by 1.4 per cent to $241 million, mainly on sinking fund contributions, while gross revenue rose by 2.6 per cent to $363.5 million.

Keppel T&T

Keppel Telecommunications & Transportation reported a 10.6 per cent fall in net profit for the fiscal fourth quarter from a year ago, the company said yesterday.

This was due mainly to impairment loss on an associated company, fair value loss on a data centre and higher operating expenses, though they were partly offset by a higher share of profits and fair value gains on investment properties from associated companies.

Net profit for the three months to Dec 31 last year stood at $18.2 million, compared with a net profit of $20.4 million posted for the same period a year ago.

The results translate to earnings per share of 3.3 Singapore cents, down from 3.6 Singapore cents a year ago.

Revenue was up 8 per cent to $47.2 million, reflecting higher data centre facility management income and revenue from logistics warehousing and channel management business, though this was partially offset by lower revenue from port operations in China.

For the full year, net profit was up 17 per cent to $65.5 million.

A version of this article appeared in the print edition of The Straits Times on January 24, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe