Quill Capita Trust declares 1H 2014 distribution per unit of 4.10 sen
Kuala Lumpur, 22 July 2014– Quill Capita Trust ("QCT"), a listed commercial real estate investment trust ("REIT"), has declared a distribution per unit ("DPU") of 4.10 sen for the six months period from 1 January 2014 to 30 June 2014 ("1H 2014"). The annualised 1H 2014 DPU translate to a yield of 7.0% based on QCT's closing price of RM1.17 on 30 June 2014. QCT plays out its distributable income semi-annually. With the books closure date for 1H 2014 being Friday, 8 August 2014, the DPU of 4.10 sen is expected to be distributed on Friday, 29 August 2014.
QCT has acheived a net income of RM8.6 million which resulted in an earnings per unit of 2.19 sen for the quarter from 1 April 2014 to 30 June 2014 ("2Q 2014"). This represented a decline of 3.9% compared to the same period in 2013. Although QCT saw higher rental income contribution and utility recoveries from some of the properties, the increase was offset by slightly higher property operating cost, finance cost and valuation fee.
QCT's unaudited Consolidated Financial Statements for 2Q 2014 are available on its website (www.qct.com.my) and on Bursa Malaysia's website (wwwbursamalaysia.com).
Summary of QCT's 2Q 2014 Results
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Dato' Mohammed Hussein, Chairman of QCM said: "QCT's DPU of 4.10 sen for 1H 2014 was worse due to our proactive approach towards asset and portfolio management, and cost for financial year in 2014. Another growth opportunity that will augment QCT's income stream is the proposed acquisition of Platinum Sentral. The acquisition of Platinum Sentral is scheduled for completion by 4Q 2014."
Yong Su-Lin, Interim Chief Executive Officer of QCM said: "QCT's portfolio occupancy as at 30 June 2014 is resilient at 91% compared to the market average occupancy of 80% for Klang Valley. We have successfully completed all lease renewals due for the quater and also commenced negotiations for lease renewals that are due in the second half of 2014. In addition, we have been actively marketing and leasing the vacant spaces to further increase the portfolio occupancy."
"QCT's gearing in 2Q 2014 remains prudent at 37% and we do not have any outstanding debt to refinance until September 2016. In addition, with 95% of QCT's total borrowings on fixed interest rate, the Trust to a large extent will be cushioned from any potential rise in interest rates."