Croesus Retail Trust (CRT), the Japan-based retail business trust, announced dividends per unit of 2.02 cents for 4QFY2015, bringing full year DPU to 8.08 cents and a 2.8% increase from FY2014.
Net property income grew 18.2% to JPY 1.2 billion ($14.2 million) from the additional income from One’s Mall which was acquired in October 2014, mitigated by the expenses incurred for Mallage Shobu’s asset enhancement exercise.
Distributable income for the quarter rose 23.9% to JPY 876.7 million, on the back of foreign exchange gains, and lower administrative expenses. However this was partially mitigated by the higher finance costs from the interest expenses from the medium term notes issued in January 2014.
CRT says that the quantitative easing policies announced by the Bank of Japan in last October, positively surprised the market. The Japanese Yen has since weakened against other currencies and real estate prices have risen further, in turn increasing the aggregate value of CRT’s seven properties by 7.9%.
Despite the contraction in Japan’s GDP in 2Q2015, the Japanese economy is expected to grow in 3Q2015 from the growth in exports and private consumption, in tandem with the US economic recovery and increase in real wages. As such, CRT expects its properties to continue generating robust and stable cash flows for the next 12 months, it adds.
Croesus’ shares closed 3.8% higher at 83 cents on Aug 25.
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Net property income grew 18.2% to JPY 1.2 billion ($14.2 million) from the additional income from One’s Mall which was acquired in October 2014, mitigated by the expenses incurred for Mallage Shobu’s asset enhancement exercise.
Distributable income for the quarter rose 23.9% to JPY 876.7 million, on the back of foreign exchange gains, and lower administrative expenses. However this was partially mitigated by the higher finance costs from the interest expenses from the medium term notes issued in January 2014.
CRT says that the quantitative easing policies announced by the Bank of Japan in last October, positively surprised the market. The Japanese Yen has since weakened against other currencies and real estate prices have risen further, in turn increasing the aggregate value of CRT’s seven properties by 7.9%.
Despite the contraction in Japan’s GDP in 2Q2015, the Japanese economy is expected to grow in 3Q2015 from the growth in exports and private consumption, in tandem with the US economic recovery and increase in real wages. As such, CRT expects its properties to continue generating robust and stable cash flows for the next 12 months, it adds.
Croesus’ shares closed 3.8% higher at 83 cents on Aug 25.
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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