SINGAPORE – Keppel DC Reit posted a 13.7 per cent lower first-quarter distribution per unit (DPU) of 2.192 cents, compared with 2.541 cents in the year-ago period.
Gross revenue was up 18.4 per cent to $83.4 million for the quarter, from $70.4 million in the first quarter of financial year 2023.
This was mainly due to a settlement sum received in relation to a dispute with DXC Technology Services, and positive reversions and escalations, said the manager on April 19.
The manager noted that the $13.3 million settlement sum from DXC has been received in full. After the deduction of related expenses and taxes, distributable income of about $11.2 million will be distributed equally over four quarters in financial year 2024.
Net property income grew 11.2 per cent year on year to $71 million for the quarter, from $63.9 million.
Distributable income declined 16.3 per cent year on year to $38.8 million, from $46.3 million.
“Distributable income and DPU were also impacted by higher finance costs and less favourable foreign exchange hedges in 2024,” said the manager.
Units of Keppel DC Reit were trading up one cent, or 0.6 per cent, at $1.67 as at 9.36am on April 19. THE BUSINESS TIMES
