CapitaLand China Trust Q1 NPI falls 6.6% to 292.5 million yuan
[SINGAPORE] The manager of CapitaLand China Trust (CLCT) on Thursday (Apr 24) posted a net property income (NPI) of 292.5 million yuan (S$52.8 million) for the first quarter of financial year 2025, down by 6.6 per cent from 313.1 million yuan in the previous corresponding period.
Revenue fell 6.1 per cent to S$439.7 million yuan for the quarter, from 468.1 million yuan in the year-ago period. The decrease came as retail and business park revenue both declined, due to lower rents at CapitaMall Xinnan, and lower occupancy at the Singapore-Hangzhou Science Technology Park Phase II and Ascendas Innovation Towers.
The decline in NPI was due to the drop in revenue, the manager said.
However, it was partially offset by savings in operating expenses of 5 per cent year on year for the overall portfolio.
Units of CLCT closed 3.8 per cent or S$0.025 higher at S$0.69 on Wednesday.
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