Keppel DC Reit reports 13.7% lower Q1 DPU of S$0.02192

KEPPEL DC Reit posted a 13.7 per cent lower first-quarter distribution per unit (DPU) of S$0.02192, compared with S$0.02541 in the year-ago period.

Gross revenue was up 18.4 per cent to S$83.4 million for the quarter, from S$70.4 million in Q1 FY2023.

This was mainly due to a settlement sum received in relation to a dispute with DXC Technology Services, and positive reversions and escalations, said the manager on Friday (Apr 19).

The manager noted that the S$13.3 million settlement sum from DXC has been received in full. After the deduction of related expenses and taxes, distributable income of about S$11.2 million will be distributed equally over four quarters in FY2024.

Net property income grew 11.2 per cent on the year to S$71 million for the quarter, from S$63.9 million.

Distributable income declined 16.3 per cent year on year to S$38.8 million, from S$46.3 million.

“Distributable income and DPU were also impacted by higher finance costs and less favourable foreign exchange hedges in 2024,” said the manager.

Units of Keppel DC Reit : AJBU 0% closed flat on Thursday at S$1.66.