CRCT – BT

CRCT maintains Q1 DPU at 2.14 cents

CAPITARETAIL China Trust (CRCT) has maintained its distribution per unit (DPU) for the first quarter ended March 31 at the year-ago level of 2.14 cents.

This translates to an annualised DPU of 8.68 cents or a yield of 7 per cent based on the trust’s closing price of $1.24 on April 23.

CRCT is managed by CapitaRetail China Trust Management Limited (CRCTML), which is an indirect wholly owned subsidiary of CapitaMalls Asia.

Income available for distribution was marginally up at $13.34 million. Due to a 6.2 per cent depreciation of the renminbi against the Singapore dollar in 1Q10 from 1Q09, gross revenue was 2.9 per cent lower at $29.5 million, while net property income (NPI) was slightly higher by 1.2 per cent at $19.34 million compared to $19.17 million.

Earnings per unit were 1.86 cents compared to 1.78 cents previously.

Wee Hui Kan, chief executive officer of CRCTML, said: ‘Our strategy of refining mall-positioning and tenancy mix to meet changing consumer demands continues to show results. Our committed occupancy rates stayed high at about 95.2 per cent.’

CRCT, which is the first China shopping mall real estate investment trust (Reit) in Singapore, has a portfolio of eight retail mall properties in five cities in China. As at Dec 31, 2009, CRCT’s total assets equalled $1.2 billion.

Separately, CRCTML also announced yesterday the appointment of Tan Tee Hieong as deputy chief executive officer of the company with immediate effect. Mr Tan, who joined the company in 2007, will continue to hold his current position as head of finance. Prior to joining CRCTML, Mr Tan was with Ikea for over nine years, where he held positions as treasurer and finance manager for the Asia-Pacific region.