REIT Financial News - 23 APR 2010: Quarterly Earnings Report for CRCT

First quarter 2010 results for Capita Retail China Trust:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• Net property income of RMB93.9 million, resulting in income available for
  distribution of S$13.3 million for 1Q 2010. 
• The DPU for the quarter is 2.14 Singapore cents.
• Gross revenue for 1Q 2010 was S$29.5 million, 2.9% or S$0.9 million lower than 1Q 2009. This is largely due to a 6.2% depreciation of RMB against SGD in 1Q 2010 from 1Q 2009. 
• NPI grew slightly by 1.2% or S$0.2 million year-on-year.

Author's Note
The DPU of 2.14 cents will be paid together with the DPU for the next quarter as CRCT has a semi-annual distribution policy.

Based on the last closing price of the Reit of $1.24 on 23 April 2010, the DPU of 2.14 cents translates to an annualised yield of about 6.9%.