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Suntec REIT's net income jumps 24.9% to $74.3m

The increase was due to higher contributions from Suntec Mall, and two other properties.

Suntec REIT's net income jumped 24.9% to $74.3m in Q122, its latest financial statement showed.

The increase was driven by new contributions from The Minister Building in London and higher contributions from Suntec City Mall in Singapore, Suntec Convention, and 21 Harris Street.

This was partially offset by lower occupancy at 177 Pacific Highway, and a weaker Australian dollar.

Given the jump in net income, the REIT's distributable income also rose by 18.2% YoY to $68.7m.

This brought the distribution per unit (DPU) to $0.02391, which is 16.9% higher YoY.

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