Ascott REIT’s gross profit climbed 9% to $48.8m in Q3

Thanks to income from acquired properties.

Ascott Residence Trust reported a 9% year-on-year increase in its gross profit to $48.8m for the third quarter. The increase was driven additional income of S$8.5 million from new properties acquired in 2014, and stronger contribution from existing properties.

Revenue for 3Q 2014 rose 9% year-on-year to $93.7 million, while unitholders’ distribution for 3Q 2014 grew 8% year-on-year.

Ascott Reit’s distribution per unit (DPU) of 2.11 cents for 3Q14 is 15% higher than the adjusted DPU of 1.84 cents for 3Q13. The adjusted DPU accounted for the effects from Ascott Reit’s rights issue in December 2013 and excluded one-off items.

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