CapitaLand Retail China Trust hit by Beijing tax provision
Its DPU dropped 10.6% YoY to 2.36 cents.
CapitaLand Retail China Trust’s (CRCT) 3Q16 results were impacted by a stronger SGD against RMB as well as an additional tax provision for its Beijing assets, noted OCBC Investment Research.
3Q net property income (NPI) in RMB terms was 0.6% higher YoY at RMB 161.3m while NPI in SGD terms fell 6.9% YoY to S$35.8m. 3Q.
DPU dropped 10.6% YoY to 2.36 S cents. OCBC Investment Research said that this accounts 21.6% of its initial FY16 forecast, which is marginally below its expectations.
"Without additional tax provision, DPU would have made up 23.4% of our FY16 forecast. 9M DPU came up to 7.68 S cents, or 70.3% of our full-year forecast," it said.