THE manager of CapitaLand China Trust (CLCT) on Thursday (Feb 6) posted a 12 per cent decline in distribution per unit (DPU) to S$0.0264 for the second half ended Dec 31, from S$0.03 in the year-ago period.
This brings total DPU for FY2024 to S$0.0565, down 16.2 per cent year on year from S$0.0674, and was attributed to an enlarged unit base. Based on the closing price of S$0.73 per unit on Wednesday, CLCT’s distribution yield for the full year was 7.7 per cent.
The China-focused real estate investment trust posted a 6.5 per cent decrease in revenue for the half-year period to S$168.5 million from S$180.2 million, due to a weaker yuan against the Singapore dollar.
On a yuan basis, revenue fell 5.5 per cent year on year. The manager attributed this decline to lower revenue contributions from the business parks and logistics parks segment, owing to lower occupancy and rental rates. There was also an absence of contributions from CapitaMall Shuangjing, which was divested in January last year.
Additionally, there was a decline in revenue contribution from CapitaMall Xinnan due to lower average occupancy and gross rental rate resulting from rental adjustments and tenants remix. This was partially offset by improved performance in CapitaMall Grand Canyon, Rock Square and CapitaMall Yuhuating, which benefited from asset enhancement initiatives.
Net property income (NPI) for the second half stood at S$108.6 million, down 7.6 per cent from S$117.5 million in the same period a year earlier.
Distributable income was down 10.3 per cent on the year to S$45.5 million from S$50.7 million. The distribution will be paid out on Mar 27, after the record date on Feb 14.
For the full year, distributable income fell 15 per cent year on year to S$96.8 million from S$113.9 million. Revenue was down 6.4 per cent to S$341.5 million from S$364.7 million previously, and NPI fell 8.2 per cent to S$226.6 million from S$246.7 million.
CLCT’s units closed 0.7 per cent or S$0.005 higher at S$0.73 on Wednesday.
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