Treasury China Trust (TCT) has posted a S$39.61 million net profit after tax for the six months ending 31 December 2010, exceeding the market forecast.
“We are pleased to have delivered a strong result for the first period end reporting cycle since our listing in Singapore in June 2010. The results are significantly above our earlier forecast, demonstrating that TCT has consolidated its position as a leading player in China’s fast maturing commercial real estate landscape,” said Richard Barrett, Chairman of TCT.
Distribution per unit stood at 2.5 Singapore cents for the fourth quarter, reflecting an annualised yield of 5.7 percent. This resulted from a net distributable income of S$3.255 million, well above the S$0.845 million in the previous quarter.
The trust’s gross revenue for Q4 also rose 9.4 percent to CNY103.7 million over the earlier quarter.
The trust’s portfolio occupancy rose 90.9 percent, due to TCT’s proactive asset management. This represented a solid performance for Q4, which delivered another four percent of net new lettings over the 86.9 percent occupancy in Q3.
Mr. Richard David, CEO of TCT, said, “We look forward to 2011 with genuine optimism founded upon a strong balance sheet, reinforced by the completion of our refinancing program during 2010 and the strong prospects of revenue growth, via the new acquisitions in Shanghai and Qingdao. This is in addition to the organic revenue growth to be delivered from TCT’s ongoing asset management activities and development programs in an operating environment where we continue to experience strong leasing demand.”