Company Briefs : Mapletree Commercial Trust

Mapletree Commercial Trust

Mapletree Commercial Trust enjoyed a positive first quarter, with a 9.9 per cent jump in distribution per unit to 2.23 cents, up from 2.03 cents previously.

It recorded gains in both gross revenue and net property income, the manager said yesterday. Revenue jumped 46.9 per cent to $107.8 million for the three months to June 30. Net property income surged 49.6 per cent to $84.2 million.

The manager attributed the higher turnover partly to contributions from Mapletree Commercial Trust's integrated office and business park in the Alexandra area, Mapletree Business City I, which was acquired last August. Lower tariff rates helped offset a steep $23.6 million hike in property operating expenses.

Frasers Hospitality Trust

Frasers Hospitality Trust lifted third-quarter net property income by 8.5 per cent to $29.3 million.

Revenue came in at $38.9 million, an increase of 22.6 per cent, for the three months to June 30.

The boost came from strong Australian growth and the addition of the upscale Novotel Melbourne on Collins to the group's portfolio last October, as well as better performance in the British, Japanese and Malaysian markets.

Distribution per stapled security was 1.2374 cents, an 18.2 per cent dip, due to the issue of 441.5 million rights stapled securities last October.

Adjusted for the rights issue, this year's distribution was 8.1 per cent higher.

Sembcorp Marine

Profits at rig-builder Sembcorp Marine plunged 51.2 per cent to $5.6 million in the second quarter on the back of a 27.8 per cent fall in revenue to $655.5 million.

Earnings per share for the three months to June 30 stood at 0.27 cent, from 0.55 cent for the same period last year. Net asset value was 121.6 cents per share for the half-year, up a smidgen from 120.3 cents as at the end of June last year.

The company attributed the decline in profits to lower contribution from rig-building and offshore platform projects, as well as costs incurred for a vessel pending a customer's finalisation.

This left net profit for the half-year down 31.9 per cent at $45.1 million, with revenue 22.5 per cent lower at $1.4 billion.

A version of this article appeared in the print edition of The Straits Times on July 28, 2017, with the headline 'Company Briefs'. Print Edition | Subscribe