News

Commercial Property

Staff Reporter

, Singapore

Published:

12 years ago

What you need to know about CapitaLand subsidiary’s amazing profit surge

Ascott Residence Trust’s gross profit rocketed significantly in 3Q11 - but by how much?

According to one of Ascott’s presentation slides, its gross profit surged 90% from S$21.1m in 3Q10 to S$40m in 3Q11.

Its revenue also increased 57% from S$46.5m in 3Q10 to S$73m in 3Q11.

The Group’s income stability remains sustainable supported by the income from our Europe properties which are on master leases and serviced residence contracts with minimum guaranteed income.

The Group is evaluating the redevelopment options for Somerset Grand Cairnhill Singapore.

For FY 2011, the Manager expects to deliver the forecast distribution of 7.74 cents as disclosed in the Offer Information Statement dated 13 September 2010.

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