Monday, July 30, 2012

Ascott Reit sees revenue increase to S$78.9m

Ascott Residence Trust (Ascott Reit) posted an eight percent rise in revenue to S$78.9 million in Q2 2012, coupled with a four percent increase in gross profit at S$42.7 million.

Revenue growth was mainly attributed to contributions from the newly-acquired Citadines Karasuma-Gojo Kyoto and Citadines Shinjuku Tokyo, as well as improved performance of Ascott Reit’s serviced residences in the UK, China and Philippines.

As a result, unitholders’ distribution for Q2 2012 grew three percent to S$27.1 million while distribution per unit (DPU) inched up two percent to 2.38 cents.

“Going forward, we remain confident in the markets where we operate in and will explore opportunities in Asia, London, Paris and key cities in Germany,” said Lim Jit Poh, Chairman of Ascott Residence Trust Management Limited (ARTML).

“Ascott Reit’s income stability is supported by our extended stay business model despite the uncertain global economic conditions for the rest of 2012.”

 View the original article here

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