- CapitaLand Ascott Trust's 2H24 revenue and gross profit were up y-o-y, but distribution per stapled security fell 7% y-o-y to 3.55 Singapore cents on a lower quantum of non-periodic items relate to realised exchange gains arising from the settlement of cross currency interest rate swaps and repayment of foreign currency bank loans and medium-term notes.
Lower FY24 DPS on lower quantum of non-periodic items
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- However, total distribution declined 4.2% y-o-y to S$134.8m on the back of a lower quantum of non-periodic items. This translates to a 6.6% y-o-y decline in 2H24 distributions per stapled security (DPS) to 3.55 Singapore cents, payable on 28 Feb 2025. Management shared that, after adjusting for these non-periodic items, core DPS would have grown 3%.
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Sequential improvement in underlying operating metrics; performance expected to remain resilient
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