THE following companies saw new developments that may affect trading of their securities on Thursday (Apr 27):
UOB on Thursday reported net profit of S$1.5 billion for the first quarter ended Mar 31, 2023, up 67 per cent from S$906 million in Q1 2022.
This was in line with the S$1.5 billion average estimate from three analysts polled by Bloomberg.
Excluding one-off expenses – specifically integration costs incurred in the acquisition of Citigroup’s consumer banking businesses – UOB’s net profit for the quarter would have been 74 per cent higher at a record S$1.6 billion, and 13 per cent up from the previous quarter.
CapitaLand India Trust reported a 7% increase in net property income to S$166.8 million while DPU is up 5% to 8.19 Singapore cents. Despite a decent set of results, the share price has underperformed, probably due to the depreciation of the Indian Rupee against the Singapore Dollar.
CapitaLand India Trust has hedged 76% of their debt on fixed rates while the gearing ratio is relatively comfortable at 37%. However, one concern is that more than S$402 million of their debt will expire in FY 2023.
The manager of Starhill Global Reit reported net property income (NPI) of S$38 million for the third quarter ended Mar 31, 2023, down 1.3 per cent from S$38.5 million in the year-ago period.
Gross revenue for the real estate investment trust (Reit) fell 2.3 per cent to S$47.3 million in the quarter, from S$48.4 million previously.
The variance in NPI and gross revenue were due mainly to net movements in foreign currencies from a weaker Australian dollar and Malaysian ringgit, along with the divestment of a property in Tokyo, the Reit manager said in a business update on Wednesday (Apr 26).
Digital Core real estate investment trust (Reit) announced Q1 2023 distributable income of US$10.9 million, a decline of 10 per cent from US$12.1 million in Q1 2022.
Revenue for the quarter edged up 1.2 per cent to US$26.7 million from US$26.5 million a year prior. Net property income for Q1 2023 fell 2.3 per cent to US$17.5 million from US$17.9 million in Q1 2022.
The fall in net property income was driven by higher property expenses for Q1 2023, which rose 8.5 per cent to US$9.3 million from US$8.5 million in Q1 2022.
Elite Commercial REIT has reported a distribution per unit (DPU) of 0.94 British pence for the 1QFY2023 ended March 31, 26.6% lower than the DPU of 1.28 pence in the same period the year before.
The lower DPU was due to higher borrowing costs, lower revenue from vacancies and an enlarged equity base compared to the same quarter the year before.
Revenue for the quarter fell by 0.4% y-o-y to GBP9.2 million.