CapitaLand Commercial Trust Q3 DPU falls 9.1% to S$0.02

CAPITALAND Commercial Trust's (CCT) distribution per unit (DPU) fell by 9.1 per cent to two Singapore cents for its third quarter ended Sept 30, from 2.20 Singapore cents a year ago.

Gross revenue was down 8.7 per cent to S$94.7 million for the quarter, from S$103.8 million a year earlier.

For the quarter under review, full-quarter contribution from Main Airport Center which was acquired in September 2019, as well as higher contributions from Gallileo and CapitaGreen were offset by reduced gross revenue from the other Singapore operating properties due to asset enhancement works, lower occupancies, lower non-rental revenue and rental waivers granted to tenants in view of Covid-19, the manager said on Wednesday.

Net property income fell 9.9 per cent on the year to S$73.1 million for the quarter, from S$81.1 million.

Distributable income declined 8.6 per cent year on year to S$77.5 million, from S$84.8 million.

CCT has suspended trading since Oct 19 and its merger with CapitaLand Mall Trust via a trust scheme of arrangement became effective on Wednesday.

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The distribution for the third quarter, along with a clean-up distribution for the period from July 1 to Oct 20 is expected to be paid by Nov 30, the manager said. It added that further details on the clean-up distribution will be announced on Oct 30.

CCT will be delisted from the Singapore bourse with effect from 9am on Nov 3.