Ascott Residence Trust's 2Q13 gross profit dipped 4% to $41m

But here's a bit of good news.

According to OCBC, Ascott Residence Trust (ART) reported 2Q13 results that were better than expectations but in line with the street’s.

Revenue fell 2% YoY to S$77.4m and gross profit dropped 4% YoY to S$41.0m.

Here's more from OCBC:

However, unitholders’ distribution grew 14% YoY to S$30.9m (including a reversal of overprovision of prior years’ tax expense of S$2.7m), which lead DPU rising 3% YoY to 2.45 S cents.

Excluding the placement units issued in 1Q13, DPU for 2Q13 would be 2.70 cents.

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