SUNTEC Real Estate Investment Trust on Friday morning posted a 4.6 per cent drop in its distribution per unit to 2.361 Singapore cents for the second quarter ended June 30, down from 2.474 cents in the year-ago period.
Net property income shrank 7.2 per cent to S$56.4 million for the quarter, from S$60.7 million a year ago, mostly due to the sinking fund contribution for Suntec City Office upgrading works amounting to S$3.2 million. This had no impact on distributable income. Gross revenue fell 2.3 per cent year on year to S$88.4 million from S$90.5 million, mainly due to a S$3.9 million or 16.9 per cent drop in revenue from Suntec Singapore. This was partially offset by a S$1.7 million or 3 per cent increase in revenue from Suntec City.
Suntec Singapore’s revenue contribution for Q2 was S$19 million, comprising S$14 million from convention and S$5 million from retail. Its convention revenue slumped 22.7 per cent due to fewer major convention events, although this was partially offset by more corporate events held during the quarter. Retail revenue grew 5.4 per cent from a year ago due to higher occupancy and rental rates.Meanwhile, Suntec City’s revenue improved due to an increase in both retail revenue and office revenue.
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