Treasury China Trust tops $15m

INCOME AT Treasury China Trust, the property investment vehicle backed by Treasury Holdings, rose 46 per cent to top $15 million in the third quarter of the year.

However, foreign exchange costs left it with a $29.8 million loss after tax for the three-month period.

The Singapore-listed company said yesterday that gross revenues in the third quarter this year rose 34 per cent to $24 million over the same period in 2010.

Net property income for the quarter of $15.41 million represented a 7.5 per cent increase over the second quarter of 2011 and a substantial improvement of 46.4 per cent on a year-on-year basis, the company added.

The group recorded a $29.8 million loss after tax for the quarter, compared with $18.7 million gain for the comparable period last year.

The company said the shortfall was “attributable solely to non-cash deductions for foreign exchange losses and amortisation of prior period finance costs. [Third quarter] net profit prior to non-cash items and tax was $0.16 million a 78 per cent increase over quarter two”.

Treasury China Trust owns, manages and develops commercial property in China. It has a portfolio of approximately 800,000sq m of retail, office and logistics properties in Shanghai, Beijing and Qingdao.

Total assets under management are currently in excess of 12.5 billion Chinese yuan (€1.4 billion).

Its occupancy rate at the end of September was over 97 per cent, up from 90.9 per cent at the beginning of the year.