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CapitaLand : Commercial 3Q DPU 2.30 Singapore Cents Vs 2.14 Singapore Cents

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by October 19, 2016 General

By Saurabh Chaturvedi
SINGAPORE–CapitaLand Commercial Trust (C61U.SG) Wednesday reported a 7.5% increase in its third-quarter net profit compared with a year earlier, as earnings were boosted primarily by the acquisition of an office building in Singapore.The distribution per unit in the July-to-September quarter rose to 2.30 Singapore cents from 2.14 Singapore cents (US$1.66 Singapore cents) in the same quarter a year ago, the real estate investment trust said in a filing to the stock exchange.The earnings were also helped by additional contributions from Raffles City Singapore, a commercial property in the city-state.CapitaLand Commercial Trust’s net property income rose 8.3% from a year earlier to about S$57 million (US$41 million) while gross revenue grew 8.9% on-year to S$74.4 million, it said.In a separate filing to the exchange, CapitaLand Commercial Trust said it has submitted plans to government authorities to redevelop Golden Shoe Car Park, a 10-story building in Singapore’s central business district, into a higher-value commercial development that will also include an office tower.The trust adds that subject to the necessary approvals, it will begin redevelopment in the second half of 2017, with the aim of completing construction in 2021.Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com

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