Ascendas India Trust posts 5% net income increase amidst COVID-19 resurgence

The SGX mainboard-listed company saw lower total property income offset by lower property expenses.

Ascendas India Trust saw a 5% increase of its net income for the first quarter, amidst the resurgence of the COVID-19 pandemic.

The mainboard-listed Indian property firm said its $38.9 m net property income, up 5% from last year. While the pandemic led to lower total property income, the company also had lower property expenses.

All of its IT parks, located in Bangalore, Chennai, Hyderabad, Pune and Mumbai, have remained open for essential services to support their tenants' operations.

Ascendas expects lower population in these parks for the second quarter as COVID-19 cases continue to increase. Park population was at approximately 7% in the first quarter, and at 9% prior to the second wave.

Construction for all of its ongoing projects have resumed.

India is currently experiencing the second wave of the COVID-19 pandemic, with stricter restrictions imposed to stymie the spread of infection.