RESIDENTIAL PROPERTY | Staff Reporter, Singapore

Ascott REIT's profit rose 5% to $31.77m in 4Q2017

It was boosted by a higher revenue, which increased by 6% YoY to $134.48 in the last quarter.

Ascott REIT reported that its profit went up by 5% YoY in 4Q2017, increasing from $30.31m to $31.77m.

Compared to the same quarter of the previous year, Ascott REIT’s revenue also rose by 6% from $126.75m to $134.48m in 4Q2017.

On a full year basis, revenue increased by 4% YoY, from $475.6 in 2016 to $496.3m in 2017. This was due to the additional $26.1m contribution from acquisitions in 2016 and 2017, as well as a $2.1m increase in revenue from its existing properties, but was partially offset by a $7.5 decrease in revenue from the divestment of some of its properties in Japan and China.

Meanwhile, Ascott REIT’s distripution per unit (DPU) maintained at $2.04 cents in 4Q2017, whilst direct expenses increased by 6% YoY to $72.7m in 4Q2017, from $68.36m in the previous quarter.

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