a-iTrust – BT

Ascendas India Trust posts 13% drop in Q3 DPU

Earnings hit as Sing dollar appreciates against Indian rupee

ASCENDAS India Trust (a-iTrust) said yesterday that its distribution per unit (DPU) for the third quarter ended Dec 31, 2011, fell 13 per cent to 1.50 cents from 1.72 cents a year ago.

Unitholders’ distribution fell 12 per cent year on year to $11.61 million from $13.16 million due to a stronger Singapore dollar, which appreciated 16 per cent against the Indian rupee in the period.

Total property income for the quarter rose 2.4 per cent year on year to $30.63 million from $29.91 million.

However, in Indian rupee terms, total property income grew 19 per cent to 1.225 billion rupees, boosted by income contributions from three new buildings.

Net property income rose 2.7 per cent to $17.46 million from $17 million a year ago, while in rupee terms, it surged 19 per cent to 698.4 million rupees over the corresponding period.

Year-to-date total property income rose 3 per cent to $93.25 million from $90.40 million a year ago. However, net property income fell one per cent to $53.64 million from $54.14 million the previous year.

Unitholders’ distribution for the three quarters slipped 10 per cent year on year to $34.85 million.

Total DPU for the first nine months was 4.54 cents, representing a yield of 8.8 per cent on an annualised basis over the closing price of 69 cents on Dec 31, 2011.

a-iTrust said its portfolio occupancy as at Dec 31, 2011, compares favourably with that at surrounding micro-markets, at 96 per cent, excluding its new buildings.

The three new buildings – Zenith, Park Square and Voyager – continued to see strong take-up with tenancy commitment levels hitting 98 per cent, 87 per cent and 82 per cent, respectively.

In addition to income contribution from the healthy demand for its new buildings, a-iTrust said it was working to complete the acquisition of aVance Business Hub in Hyderabad.