Ascott Residence Trust Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Reports Asset Written Off for the Fourth Quarter Ended December 31, 2017
For the year, the company reported revenue of SGD 496,288,000 compared to SGD 475,590,000 a year ago. Revenue was increased by SGD 20.7 million or 4% mainly due to additional contribution of SGD 26.1 million from Ascott Reit's acquisitions in 2016 and 2017, and increase in revenue of SGD 2.1 million from existing properties. The increase was partially offset by a decrease in revenue of SGD 7.5 million from the divestment of 18 rental housing in Tokyo, Japan as well as Citadines Biyun Shanghai and Citadines Gaoxin Xi'an in China. Total return for the period before tax was SGD 274,444,000 compared to SGD 179,515,000 a year ago. Total return for the period after tax was SGD 222,500,000 compared to SGD 147,764,000 a year ago. Total return for the period attributable to unitholders /perpetual securities holders was SGD 214,247,000 compared to SGD 143,312,000 a year ago. Cash flows from operating activities were SGD 181,339,000 compared to SGD 200,126,000 a year ago. Acquisition of plant and equipment was SGD 13,665,000 compared to SGD 16,694,000 a year ago. Capital expenditure on serviced residence properties was SGD 12,577,000 compared to SGD 40,670,000 a year ago. Diluted EPU was 9.40 cents compared to 7.35 cents a year ago. Net income before changes in fair value of financial derivatives, serviced residence properties and assets held for sale was SGD 167,460,000 against SGD 149,749,000 a year ago. NAV/NTA per unit was SGD 1.25 against SGD 1.33 a year ago. Adjusted NAV/NTA per unit (excluding the distributable income to unitholders) was SGD 1.21 against SGD 1.29 a year ago.
For the quarter, the company reported assets written off of SGD 616,000 against SGD 510,000 a year ago. In fourth quarter of 2017, written off mainly relates to the disposal of assets arising from the reconfiguration and refurbishment of Somerset Ho Chi Minh City and Somerset Grand Hanoi.