Ascott Residence Trust's revenue dipped 2% to $77.4m

Blame it on latest divestments.

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

Revenue fell 2% YoY to S$77.4m due to the divestments of Somerset Grand Cairnhill and Somerset Gordon Heights Melbourne and lower contribution from existing properties, chiefly in China, Vietnam, Singapore and Japan.

Here's more from OCBC:

RevPAU contracted 9% YoY to S$142 and this was due mainly to the divestment of the Cairnhill property and weaker performance from China and Japan (depreciation of JPY). Gross profit dropped 4% YoY to S$41.0m. However, unitholders’ distribution grew 14% YoY to S$30.9m (including a reversal of over-provision of prior years’ tax expense of S$2.7m), which led DPU up 3% YoY to 2.45 S cents.

Excluding the placement units issued in 1Q13, DPU for 2Q 2013 would be 2.70 cents.

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