CapitaLand Retail China Trust reported unaudited group earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported gross rental income was SGD 50,573,000 against SGD 52,763,000 a year ago. Gross revenue was SGD 54,107,000 against SGD 56,696,000 a year ago. Net property income was SGD 32,987,000 against SGD 34,779,000 a year ago. Total return before taxation was SGD 51,526,000 against SGD 48,034,000 a year ago. Total return for the period after taxation was SGD 35,634,000 against SGD 32,439,000 a year ago. Total return attributable to unitholders was SGD 36,110,000 against SGD 33,956,000 a year ago. Net cash from operating activities was SGD 30,607,000 against SGD 44,730,000 a year ago. Purchase of plant and equipment was SGD 109,000 against SGD 53,000 a year ago. Diluted earnings per unit were 3.91 cents against 3.89 cents a year ago. Gross revenue decreased by RMB 10.6 million, or 3.9% lower than fourth quarter of 2016, mainly due to no contribution from CapitaMall Anzhen with effect from July 1, 2017 arising from its divestment, and lower revenue at CapitaMall Grand Canyon due to disruptions to trading activities arising from an operational review by the authorities leading up to the 19th National Congress. This was partially offset by revenue growth from other multi-tenanted malls. In RMB terms, the increase in net property income was driven mainly by the first full-year contribution from CapitaMall Xinnan, which was acquired on September 30, 2016, and rental growth from the other multi-tenanted malls. Capital expenditure on investment properties was SGD 3,175,000 against SGD 4,252,000 a year ago.

For the year, the company reported gross rental income was SGD 212,859,000 against SGD 200,164,000 a year ago. Gross revenue was SGD 229,190,000 against SGD 214,372,000 a year ago. Net property income was SGD 149,212,000 against SGD 139,738,000 a year ago. Total return before taxation was SGD 207,264,000 against SGD 145,648,000 a year ago. Total return for the period after taxation was SGD 143,050,000 against SGD 104,007,000 a year ago. Total return attributable to unitholders was SGD 144,696,000 against SGD 106,614,000 a year ago. Net cash from operating activities was SGD 116,260,000 against SGD 119,930,000 a year ago. Purchase of plant and equipment was SGD 999,000 against SGD 318,000 a year ago. Diluted earnings per unit were 16.14 cents against 12.39 cents a year ago. Net asset value per unit was SGD 1.60 against SGD 1.65 a year ago. Tangible net asset value per unit was SGD 1.59 against SGD 1.60 a year ago. In RMB terms, gross revenue for 2017 increased by RMB 94.7 million, or 9.2% over 2016. This was mainly due to the full year contribution from CapitaMall Xinnan and rental growth from the core multi-tenanted malls. This was partially offset by lower revenue from CapitaMall Qibao due to competitions faced in the vicinity and no contribution from CapitaMall Anzhen with effect from July 1, 2017. Capital expenditure on investment properties was SGD 14,146,000 against SGD 20,775,000 a year ago.

For the fourth quarter ended December 31, 2017, the company reported plant and equipment written off of SGD 45,000 against SGD 74,000 a year ago.

For the year 2018, the company expects tax rate of 25%. The company expects fiscal 2018 to again be a better year than 2017, in accordance to that ramp-up progress.