CAPITACOMMERCIAL Trust has posted a distributable income of $54.3 million for the first quarter of 2010, up 19.7 per cent from the same period a year ago.
Reflecting the resilience of its portfolio, committed occupancy rate rose to 95.1 per cent for the quarter from 94.8 per cent for the fourth quarter of last year. Its Grade A office committed occupancy rate also rose to 99.1 per cent from 98.7 per cent.
The office landlord’s distribution per unit (DPU) is 1.93 cents, a year-on-year decrease of 40.4 per cent from 3.24 cents in Q1 2009. On an adjusted for rights basis, DPU rose 19.1 per cent from 1.62 cents. However, there is no distribution payment this quarter as CCT distributes semi-annually, which will be in July.
Q1 gross rental income rose 7.1 per cent year-on-year to $93.6 million, while Q1 gross revenue rose 4.5 per cent to $101.8 million. Net property income improved 11 per cent to $77.6 million. Its total current assets stand at $401.6 million while its current liabilities are lesser at $313.1 million. Its cash and cash equivalents at the end of the period are $172.73 million, up from $70.49 million a year ago.
In addition, the repurchased convertible bonds due 2013 have been cancelled and the outstanding aggregate principal amount of convertible bonds due 2013 has been reduced to S$229.5 million.
Lynette Leong, chief executive officer of CCT Management, said: ‘The strong performance for this quarter is attributed to our good track record of proactive leasing, with the signing up of leases with positive rental reversions, and further strengthening building occupancies.’
She added: ‘Moreover, successful efforts in refinancing debt well ahead of maturity dates, lengthening the average debt maturity, diversifying the sources of funding, and keeping the proportion of secured debt low also boosted the bottom line.’
CCT shares closed two cents higher yesterday, at $1.16.
Source : Business Times – 17 Apr 2010
Singapore Property
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment