Ascendas India Trust Q1 Distributable Income Up 12%

Source : The Business Times, July 24, 2008

ASCENDAS India Trust has reported distributable income of $12.4 million for its first quarter ended June 30, 2008, up 12 per cent from a year ago.

This translates into a distribution per unit (DPU) of 1.65 cents for the quarter, which represented an annualised yield of 8.3 per cent over the closing price of 79.5 cents of the units on July 22, 2008.

Total property income was $28.6 million, which is 23 per cent higher than the year-ago period. Net property income was $16.0 million or 20 per cent higher.

The trust said demand for its portfolio of 4.7 million sq ft of space, and hence its income stream, remained stable. The two buildings which were completed in the last half year have contributed to the bottom line, and will continue to do so as the building operations stabilise and margins further improve.

It said its high quality IT Parks continue to enjoy rental growth and high occupancy, and are well placed to weather market uncertainties due to a diversified and well-constructed income stream.