CAPITARETAIL China Trust (CRCT) posted net property income of $19.8m for the 2Q FY10, up 1.9% YoY, even though gross revenue fell 2.8% to $29.6m. Mgtm has attributed the lower growth in S’pore-dollar terms to the stronger Sing dollar against the Chinese yuan. In local currency terms, net property income actually grew 8.8% YoY to RMB97.2m while gross revenue grew 3.7% to RMB145.1m, mainly on higher revenue from Beijing's Xizhimen Mall and Saihan Mall in Inner Mongolia.
2Q distributable income rose 7.3% to $12.9m, implying DPU of 2.07 cents. This translates into annualised yield of about 6.6%. Going forward, CRCT remains positive on the Beijing and Shanghai retail markets. June retail sales of consumer goods in China excluding automobiles grew 18.3% YoY to RMB1,233.0 bn. Total retail sales in China also grew 18.2% YoY in the 1H10 to RMB7,266.9 bn. Rent renewals remain positive given the resilient domestic consumption.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment