Gross revenue at Treasury China Trust, the China-based company which is 30 per cent owned by Treasury Holdings, rose by 14 per cent in the first quarter.
The company, which listed in Singapore in June 2010, posted net profit of SG7.03 million (€3.8 million) during the three-months under review and Earnings Per Unit (EPU) of SG2.7 million (€1.48 million).
It said net property income was 8.6 per cent ahead of forecast at SG12.45 million (€6.8 million) and represented a 3.5 per cent improvement over the preceding quarter.
The company said gross revenues of SG19.45 million (€10.7 million) were 14 per cent up on the same three-month period a year earlier.
Treasury China Trust, which is one of the largest investors in Chinese commercial real estate, said occupancy rates exceeded 90 per cent.
For the first quarter, the firm said it negotiated 33 leases within its portfolio, encompassing both new lettings and renewals, producing an aggregated per square metre rental increase of 12.8 per cent.
The board reaffirmed its intention to distribute S$10 cents per unit for 2011, with the first payment of S$5 cents to be paid in respect of the June half year.
