Indiabulls Properties Investment Trust has declared a DPU of 0.0638 cent for the 2Q ended Sept. This is lower than the 0.0707 cent declared a year ago.
In the 2Q ended Sept, Indiabulls sunk into losses of $0.5 million from earnings of $0.1 million a year ago.
Total income achieved was 4% higher than a year ago at $26.1 million. This came from the commercial component of the properties comprising One Indiabulls Centre and Indiabulls Finance Centre.
However, total property expenses came in 9% higher at $9.7 million, resulting in net property income of $16.4 million.
Finance costs of $14.7 million and trust expenses of $2.2 million further pushed the trust into the red.
During the quarter, total area leased out at the properties was 2.8 million sf at an average rental of Rs.144 psf per month ($3.08 psf per month). The occupancy rate was 76% at One Indiabulls Centre and 97% at Indiabulls Finance Centre.
The trust manager says Indiabulls Sky Forest development had resumed while development of Sky Suites continued to remain suspended.
“We estimate Indiabulls Sky Forest to be completed within 3 to 4 years but we are currently unable to give reasonable estimate for completion of Sky Suites,” says the manager.
Development costs have been financed from internal accruals as well as external bank borrowings, and future costs are expected to be financed in similar manner.
“The Trust is not under any financial stress and it’s not our expectation for that to change,” it adds.
Indiabulls Properties Investment Trust last closed at 27 cents.
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In the 2Q ended Sept, Indiabulls sunk into losses of $0.5 million from earnings of $0.1 million a year ago.
Total income achieved was 4% higher than a year ago at $26.1 million. This came from the commercial component of the properties comprising One Indiabulls Centre and Indiabulls Finance Centre.
However, total property expenses came in 9% higher at $9.7 million, resulting in net property income of $16.4 million.
Finance costs of $14.7 million and trust expenses of $2.2 million further pushed the trust into the red.
During the quarter, total area leased out at the properties was 2.8 million sf at an average rental of Rs.144 psf per month ($3.08 psf per month). The occupancy rate was 76% at One Indiabulls Centre and 97% at Indiabulls Finance Centre.
The trust manager says Indiabulls Sky Forest development had resumed while development of Sky Suites continued to remain suspended.
“We estimate Indiabulls Sky Forest to be completed within 3 to 4 years but we are currently unable to give reasonable estimate for completion of Sky Suites,” says the manager.
Development costs have been financed from internal accruals as well as external bank borrowings, and future costs are expected to be financed in similar manner.
“The Trust is not under any financial stress and it’s not our expectation for that to change,” it adds.
Indiabulls Properties Investment Trust last closed at 27 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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