CapitaLand China Trust’s H2 DPU falls 12% to S$0.0264

THE manager of CapitaLand China Trust (CLCT) on Thursday (Feb 6) posted a 12 per cent decline in distribution per unit (DPU) to S$0.0264 for the second half ended Dec 31, from S$0.03 in the year-ago period.

This brings total DPU for FY2024 to S$0.0565, down 16.2 per cent year on year (yoy) from S$0.0674, and was attributed to an enlarged unit base. Based on the closing price of S$0.73 per unit on Wednesday, CLCT’s distribution yield for the full year was 7.7 per cent.

The decline in DPU in H2 2024 has narrowed from a 19.5 per cent drop for the first half, said Gerry Chan, chief executive officer of CapitaLand China Trust’s manager.

He said: “Overall, our results reflect strong performance from our largest asset class, which is the retail portfolio, and (this) was driven by our asset enhancement initiative (AEI) efforts. The market for business park and logistics assets has been relatively more challenging, offsetting our retail performance.”

The China-focused real estate investment trust posted a 6.5 per cent decrease in revenue for the half-year period to S$168.5 million from S$180.2 million, due to a weaker yuan against the Singapore dollar.