a-iTrust achieved total property income of INR 1,406 million in 2Q FY12/13, an increase of 18% over the same period last year. The increase was driven by higher income contribution from Park Square, Zenith and Voyager (collectively the “recently completed buildings”) and the aVance Business Hub (“aVance”) buildings which were acquired in February this year. 2Q
FY12/13 net property income grew 19% year-on-year to INR 839 million. The 2Q FY12/13 income available for distribution rose by a lower 2% rate to INR 458 million, dampened by higher finance costs and tax expenses. With 10% of the income available for distribution retained in this quarter, 2Q FY12/13 income to be distributed at INR 412 million was 8% lower than that of the same quarter last year. The income retained will be used to support investments to grow the trust.
In Singapore Dollar terms, a-iTrust’s 2Q FY12/13 financial performance was moderated by the strong Singapore Dollar, which appreciated by 16% against the Indian Rupee during the course of the year. a-iTrust registered total property income and net property income growth of 2% in 2Q FY12/13 over last year in Singapore dollar terms. Compared to the same quarter last year, 2Q FY12/13 income available for distribution and income to be distributed was 12% and 21% lower respectively as a result of unfavourable currency translations and higher tax expenses.