Ascendas India Trust reports fiscal 1Q net property income rose

Mural of construction gear in Singapore's Little India neighborhood.Mural of construction gear in Singapore's Little India neighborhood.

Ascendas India Trust reported Thursday its fiscal first quarter net property income rose 13 percent on-year to S$37.8 million.

Total property income for the quarter ended 30 June increased 10 percent on-year to S$49.2 million, the trust said in a filing to SGX.

The distribution per unit (DPU) to be distributed will be 2.05 Singapore cents, up 28 percent on-year, the filing said.

“Higher interest income from investments in AURUM IT SEZ, aVance 5 & 6 and aVance A1 & A2 via construction funding, along with the completion of Anchor building and positive rental reversions contributed to the stronger performance,” Sanjeev Dasgupta, CEO of the Ascendas Property Fund Trustee, the trust’s manager, said in the statement.

In rupee terms, net property income increased 15 percent on-year to 1.94 billion rupees, on total property income of 2.52 billion rupees, up 12 percent on-year, the trust said.

Overall committed occupancy of the portfolio was 99 percent at end-June, the filing said.

Ascendas India Trust’s portfolio has seven IT business parks and one logistics park, the filing said.

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