CICT net income up 10.1% YoY to $552.3m in H1

This is supported by its acquisitions and property enhancements.

CapitaLand Integrated Commercial Trust (CICT) recorded a 10.1% year-on-year increase in net property income to $552.3m in the first half of 2023 on the back of the gains from its acquired portfolio, amongst others.

In a statement, CICT’s manager said the Trust’s gross revenue rose by 12.7% to $774.8m.

The increase was due to the contributions from the acquisitions of CapitaSky and Australia portfolio, the completion of the asset enhancement initiative at Raffles City Singapore, and the higher rental income from a majority of its property in Singapore.

The manager said these were partially offset by the growth in operating expenses.

CICT's distributable income also rose by 1.7% YoY to $353.2m, with the distribution per unit inching up 1.5% YoY to 5.30 cents.

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Tony Tan, CEO of CICT’s Manager, said the company will focus on improving its portfolio as well as properties overseas, adding that they target to complete the enhancement of the CQ @ Clarke Quay by late 2023.

“Supported by a healthy balance 2 sheet and a robust capital structure, we are well-positioned to implement our portfolio and asset management strategies effectively amidst the macro uncertainties,” Tan said.

“We will continue to exercise prudence in our capital management and evaluate any organic growth and inorganic opportunities with financial discipline,” he added.