Croesus Retail Trust revenue jumps 34.5% in Q4

On the back of contributions from newly-acquired malls.

As Singapore-listed Croesus Retail Trust (CRT)'s revenue continues to be on the roll, its distribution per unit for the quarter ending in June 30 showed promise as well, spiking 11.2% YoY growth at 7.06 Singapore cents.

The group's net property income grew 19.4% YoY to JPY 1.44 billion ($19.38 million) from JPY 1.2 billion ($16.15 million) in the previous corresponding period.

CRT's revenue growth was mainly due to the contributions from four of its acquired malls including Torius, Fuji Grand Natalie, Mallage Saga, and Feeeal Asahikawa. From JPY 1.99 billion ($26.79 million) last year, its revenue rose to JPY 2.68 million ($36.07 million).

CRT Chief Executive Officer said in addition to the contributions from the said malls, its robust earnings are also underpinned by a positive rental reversions from the tenant renewal exercise in Mallage Shobu.

"Amidst a challenging market environment, we remain committed in seeking new opportunities to grow our portfolio through accretive acquisitions as and when the right opportunity arises, while we continue to work on rejuvenating our existing properties such as Torius and Feeeal Asahikawa to maximise their income-producing potential," he said.