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CapitaLand China Trust’s Q3 net property income down 8.5% at 273.5 million yuan

CapitaLand China Trust’s Q3 net property income down 8.5% at 273.5 million yuan

By Kim Browne

Culture

CapitaLand China Trust posted net property income (NPI) of 273.5 million yuan (S$50 million) for its third quarter ended Sep 30, down 8.5 per cent from 298.9 million yuan in the previous corresponding period.

The lower NPI was mainly due a drop in gross revenue and absence of Q3 contributions from CapitaMall Yuhuating, but was partially offset by a cost reduction of 1.3 per cent year on year on a same-store basis, said the manager on Thursday (Oct 30).

Revenue for Q3 fell 8 per cent on the year to 416.6 million yuan, from 452.8 million yuan. This was driven mainly by the absence of contributions from CapitaMall Yuhuating for Q3, lower rents and occupancy at CapitaMall Xinnan, and anchor tenant repositioning at Rock Square, the manager said.

Units of CapitaLand China Trust ended Wednesday 1.2 per cent or S$0.01 lower at S$0.815.

Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.

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