CACHE Logistics Trust's distribution per unit fell 11.7 per cent to 1.8 Singapore cents for its first quarter ended March 31.
Its distributable income fell 11 per cent year on year to S$16.24 million, due to lower income from operation and a lower capital distribution.
Revenue also fell 2.9 per cent to S$27.06 million, due to the divestment of Cache Changi Districentre 3 and lower income received under protest for 51 Alps Avenue offset by higher rental contribution from DSC ARC and the Australian properties.
Net property income also fell 5.8 per cent to S$20.78 million, on the back of lower revenue and higher property related expenses as a result of the conversion of certain properties from master leases to multi-tenancies.
Daniel Cerf, chief executive officer of the manager, said: "Our focus in FY2017 is on improving operating performance in the Singapore portfolio wherever possible in view of the acute oversupply in the market and industry headwinds. As we have articulated to investors, we intend to continue with our portfolio rebalancing and growth strategy to grow and diversify our revenue contributions outside of Singapore."
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