Mapletree Commercial Trust (MCT) yesterday reported higher second-quarter distribution per unit (DPU), boosted by healthy contributions from properties under its portfolio.
DPU for the three months ended Sept 30 was 2.05 cents, up 1.5 per cent from 2.02 cents in the same period a year earlier, said its trust manager.
Income available for distribution rose 25.4 per cent year-on-year to $53.7 million.
"We are pleased to report a strong set of financial results. In an environment of heightened economic and financial uncertainties, we continued to grow our total gross revenue and NPI (net property income)," said Ms Sharon Lim, chief executive of Mapletree Commercial Trust Management, the trust manager.
Second-quarter revenue jumped 23.6 per cent to $88.1 million, and net property income rose 24.8 per cent to $68.4 million.
The trust manager attributed the higher revenue to fresh contribution from the recently acquired Mapletree Business City I and positive contributions from VivoCity mall, office tower Mapletree Anson and integrated development PSA Building. These four properties, along with the Bank of America Merrill Lynch HarbourFront office building, make up MCT's portfolio in Singapore.
Despite the challenges facing the retail sector, VivoCity mall continued to do well, with a 2.7 per cent year-on-year growth in sales in the second quarter.
AT A GLANCE
$88.1 million ( + 23. 6 %)
NET PROPERTY INCOME:
$68.4 million (+24.8%)
DISTRIBUTION PER UNIT:
2.05 cents (+1.5%)
The trust manager said revenue for VivoCity was $2.5 million higher than in the July to September period a year ago. This was largely due to higher rental income for new and renewed leases and the effects of stepped-up rents in existing leases.
Net asset value per unit was $1.32 as at Sept 30, up from the $1.30 at the end of March.
For the first half of its financial year, MCT booked a 14.3 per cent increase in net property income at $124.7 million, while gross revenue was up 14.5 per cent to $161.5 million.
DPU for the first half came in at 4.08 cents - 1.2 per cent higher than 4.03 cents a year earlier.
MCT units closed one cent lower at $1.545 a piece yesterday, before the earnings were announced.