Ascott Residence Trust reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported revenues of SGD 71.583 million compared with SGD 67.314 million for the same period a year ago. Total return before tax of SGD 22.082 million compared with SGD 20.389 million for the same period a year ago. Total return attributable to unit holders of SGD 16.726 million or 1.48 cents per basic and diluted share compared with SGD 15.309 million or 1.38 cents per basic and diluted share for the same period a year ago. The increase in revenue was mainly due to the contribution of SGD 1.9 million from Citadines Shinjuku, which was acquired on December 21, 2011 and stronger performance from the Group's serviced residences in The Philippines, China and United Kingdom. Cash flows from operating activities of SGD 31.319 million compared with SGD 3.153 million for the same period a year ago. Acquisition of plant and equipment of SGD 3.506 million compared with SGD 0.701 million for the same period a year ago. Capital expenditure on serviced residence properties of SGD 0.983 million compared with SGD 1.533 million for the same period a year ago. The Group's operating performance for fiscal year 2012 is expected to remain profitable.