Ascott REIT DPU rises 5% in Q1 2013

Ascott REIT DPU rises 5% in Q1 2013

    By Brandon Tanoto
    POSTED: 26 Apr 2013 9:34 PM
   
Ascott Residence Trust's (Ascott REIT) distribution per unit rose 5 percent to 2.25 cents in Q1 2013 from a year earlier. Its unitholder's distribution grew 14 percent to S$27.6 million in the same period.

SINGAPORE: Ascott Residence Trust's (Ascott REIT) distribution per unit rose 5 percent to 2.25 cents in Q1 2013 from a year earlier.

Its unitholder's distribution grew 14 percent to S$27.6 million in the same period.

However, the trust's revenue fell 3 percent to S$69.2 million while its gross profit dropped 9 percent to S$33.8 million.

In a media statement, Ascott REIT said its revenue was lower due mainly to the divestment of Somerset Grand Cairnhill Singapore and Somerset Gordon Heights Melbourne in 2012.

It added that contribution from its existing properties in Singapore and Japan was lower too.

Meanwhile, revenue and gross profit for China, Japan and Germany were higher in Q1 2013 compared to a year ago.

This was largely due to contributions from its newly-acquired properties.

Revenue in China jumped 36 percent from the newly-acquired Ascott Guangzhou, while revenue in Japan increased 28 percent due to contribution from serviced apartments Citadines Karasuma-Gojo Kyoto and improved market sentiments.

In Germany, revenue rose 140 percent mainly due to the contribution from the newly-acquired hotel Madison Hamburg.

Ascott Residence Trust Management's Chief Executive Officer, Ronald Tay, said: "In Q1 2013, we opened Citadines Suites Louvre Paris after the property was transformed into a boutique-style luxury serviced residence. We also completed the renovation of Citadines Croisette Cannes and Citadines City Centre Lille and started to refurbish Citadines Toison d'Or Brussels and Somerset Xu Hui Shanghai this quarter. The ongoing renovation of Ascott Jakarta and Citadines Ramblas Barcelona is slated for completion in Q4 2013. We will continue to progressively execute our asset enhancement programmes in order to grow our revenue per available unit." 

- CNA/xq


- wong chee tat :)