News

Commercial Property Transport & Logistics

Staff Reporter

, Singapore

Published:

3 years ago

250 views

Ascendas Xinsu is part of the CLCT’s newly acquired business park and logistics properties. (Photo from CLCT)

CLCT’s net income jumps 15.9% YoY to $139.5m in H122

The increase was due to strong contributions from CLCT’s business parks and logistics assets.

CapitaLand China Trust (CLCT) posted a $139.5m net property income in H122, which translates to a 15.9% jump from the same period last year.

According to CLCT’s manager, CapitaLand China Trust Management Limited (CLCTML), the increase was mainly due to “the enlarged portfolio and strong contributions from CLCT’s business parks and logistics assets.”

The increase, however, was partially offset by higher rental relief for retail tenants.

With an increase in net income, CLCT’s total distribution to unitholders likewise rose by 12.9% YoY to $72.0m.

Of the $72.0m, CLCT’s manager said the Trust will retain $3.6m “for financial flexibility” given the recent lockdown in Shanghai and mandatory closures of shopping malls in the area amidst the resurgence of COVID-19.

With some amount retained from the total distribution, the 1HFY22 distribution per unit (DPU) was set at $0.0410, 3.1% YoY lower than 1HFY21.

Excluding the amount retained, 1H 2022 DPU would have been 4.32 cents, 2.1% YoY higher.

Unitholders will receive the DPU of $0.0410 on 22 September 2022.

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