CapitaLand Commercial Trust's net property income dips 4% to $67.96m in Q4

Its divestment of One George Street, Golden Shoe Car Park, and Wilkie Edge dragged profits down.

CapitaLand Commercial Trust's (CCT) net property income dipped 4% YoY from $70.77m to $67.96m in Q4.

According to its financial statement, CCT saw lower revenue and NPI after it sold its 50% interest in One George Street, Golden Shoe Car Park, and Wilkie Edge.

The impact of the divestments was slightly offset by higher income from CapitaGreen and contributions from Asia Square Tower (AST2) on 1 November 2017.

For the whole year, NPI rose 14.8% YoY from $231.27m to $265.47m, thanks to higher income from CapitaGreen and contributions from AST2.

Meanwhile, distribution per unit (DPU) hit 2.08 cents in Q4 and brought total DPU to 8.66 cents for the year.

Property operating expenses fell 3.3% YoY to $18.3m mainly due to lower property tax as well as divestments.