REIT Financial News - 30 APR 2010: Quarterly Earnings Report for Ascott Reit

First quarter 2010 results for Ascott Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU of 1.66 cents for the quarter.
• Unitholders' distribution is S$10.3 million.
• The Reit achieved revenue of S$43.5 million and gross profit of S$20.1 million for the period January to 31 March 2010, which are respectively 3 percent and 1 percent higher than the same period last year.
• Increase in revenue is mainly led by better performance in Philippines, Singapore and China, with revenue per available unit (RevPAU) growth of 8 percent, 7 percent and 1 percent respectively in 1Q 2010 compared to 1Q 2009.
• The Reit has accelerated asset enhancement initiatives to enhance the long term returns of selected properties in Singapore, China and Vietnam.

Author's Note
There will be no distribution payment this quarter as Ascott Reit distributes semi-annually. The DPU of 1.66 cents will be paid in the next quarter together with the DPU for the next quarter.


Based on the lastest closing price of the Reit of $1.17 on 29 April 2010, the DPU of 1.66 cents translates to an annualised yield of about 5.68%.

DPU for the previous quarter was 1.87 cents.
 
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