Religare's DPU of 1.66 Cents Higher Than Expected (BT)
RELIGARE Health Trust (RHT) has registered a distribution per unit (DPU) of 1.66 cents for the period spanning Oct 19, 2012, to Dec 31, 2012, higher than the projected DPU of 1.63 cents.
There is no corresponding year-on-year data for comparison as the acquisition of the group’s portfolio was only completed on Oct 19 last year.
For the period Oct 19 to Dec 31, 2012, income available for distribution worked out to $9.39 million.
From its listing in October last year to March 31, 2014, RHT intends to distribute 100 per cent of its distributable income, it said.
RHT, a unit of India’s Fortis Healthcare, has 11 clinical establishments, four greenfield clinical establishments and two hospitals throughout India. Its mandate is to invest in medical and healthcare assets and services in the Asia Pacific and other emerging markets.
In its unaudited results for the period spanning July 1, 2012 to Dec 31, 2012, total revenue for the six months worked out to $21.93 million while operating expenses were $8.04 million. As such, net operating income was $13.89 million for the six months. However, RHT posted a net loss (after tax) of $7.64 million due to the cost of $12.13 million from the deemed disposal of associates.
RHT said that it has entered into hedges to lock in the exchange rates for its next three cash distributions for the periods ending March 31, 2013, Sept 30, 2013 and March 31, 2014.
As at Dec 31, 2012, its gearing remains at 6.7 per cent, which puts it in good stead to make acquisitions, it added.
In November, RHT soft-launched its Gurgaon clinical establishment, the Fortis Memorial Research Institute, which is set to become Fortis’ flagship hospital. It will eventually have a capacity of 1,000 beds.
Gurpreet Dhillon, chief operating officer of RHT Trustee Manager, said: “Given the fragmented ownership of healthcare infrastructure in India, there are a number of opportunities for RHT, and we continue to evaluate these opportunities to deliver growth to our unitholders.”
Units in RHT closed at 90.5 cents yesterday, up half a cent.