Company Briefs: Mapletree Commercial Trust

Mapletree Commercial Trust

A decrease in operating expenses and an increase in turnover helped Mapletree Commercial Trust (MCT) post a

first-quarter distribution per unit of 2.01 cents, a 3.1 per cent growth compared with the same period the year before.

Income available for distribution in the first quarter rose 3.8 per cent to $42.5 million. Gross turnover was up 1.6 per cent to $69.7 million.

Net property income (NPI) increased 5 per cent to $54.3 million, helped by a robust NPI gain at VivoCity of 8.8 per cent.

Thanks to a focus on improving operational efficiencies and cost management, MCT's property operating expenses dropped by 9 per cent from the previous year to $15.5 million.

Sheng Siong Group

Sheng Siong Group has reported a 23.1 per cent year-on-year increase in its net profit to $13.6 million for the quarter ended June 30, over higher revenue and improved gross margin.

The company declared an interim dividend of 1.75 cents per share.

Revenue increased by 4.3 per cent in the second quarter over the corresponding period in the previous year, 4 per cent of which was contributed by its five new stores.

Same-store sales growth for the second quarter was lower than the 2.9 per cent in the previous quarter due to tepid post-Chinese New Year demand and intensified competition resulting from retailers making sales offers, the company said.

Noble Group

Noble Group shares yesterday fell to their lowest in more than six years in Singapore as Asia's largest commodity trader by revenue faces a slump in resource prices and criticism of its accounting.

The stock declined 3.1 per cent to 63 cents, the lowest since January 2009, after plunging as much as 6.9 per cent.

"If there's a sustained decline in commodity prices, that will definitely have an impact on Noble," said Mr Bernard Aw, a Singapore-based strategist at IG Ltd.

The plunge came on the day crude oil neared a bear market, with West Texas Intermediate dropping below US$50 a barrel, gold holding near five-year lows, and

Goldman Sachs Group saying Chinese demand growth for copper will slow to the least in two decades.


A version of this article appeared in the print edition of The Straits Times on July 24, 2015, with the headline 'Company Briefs: Mapletree Commercial Trust'. Print Edition | Subscribe