K-Green Trust Q4 2010 Quarterly Earnings Report

K-Green Trust Q4 2010 Quarterly Earnings Report:

• Press Release and Financial Statements

Key Points

• Profit after tax for the period from date of listing on 29 June to 31 December 2010 was $8.7 million, 22.1% higher than forecast.
• Earnings per unit (EPU) for the period from date of listing to 31 December 2010 were 1.39 cents.
• Net asset value per unit as at 31 December 2010 was $1.16.
• Distribution per unit (DPU) of 4.31 cents was higher than forecast by 10.2%.
• Annualised distribution yield was 7.9% based on unit closing price of $1.07 on 31 December 2010.
• Members whose Securities Accounts with The Central Depository (Pte) Limited are credited with Units at 5.00 pm on 24 February 2011 will be entitled to the distribution.
• The distribution that will be paid on 10 Mar 2011. 

Author's Note
K-Green has announced its first distribution for the period from the Listing Date (29 Jun 2010) up to and including 31 December 2010. The DPU declared is 4.31 cents, which is above the 3.91 cents projected in the Listing Prospectus.

Based on the prospectus, following are the projected DPU for 2010/2011:

• For the period from the Listing Date up to and including 31 December 2010, the Forecast DPU is 3.91 cents.
• For the first half of 2011, the Forecast DPU is 3.13 cents.
• For the second half of 2011, the Forecast DPU is 4.69 cents.

The closing price before the announcement of results on 18 Jan 2011 was S$1.10, which is below the NAV of S$1.16. To date, the trust has not announced any acquisition plans and is currently at zero debt.

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