First REIT's net property income up 9.3% to $24m in Q1

Thanks to maiden contributions from a new hospital.

First REIT reported that its net property income grew 9.3% year-on-year to $24.2m in the first quarter, on back of maiden contributions from its new hospital in Indonesia.

Its distributable income increased 7.4% to $15.3m compared to $14.2m in the same quarter last year. Correspondingly, gross revenue for the quarter rose 10.1% from a year before to $24.7m.

First REIT's good results were supported by maiden contributions from the newly-acquired Siloam Sriwijaya in Indonesia, as well as step-up rental income from its existing properties.

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