Mapletree Greater China Commercial Trust
Mapletree Greater China Commercial Trust (MGCCT) has posted an 11.6 per cent rise in available distribution per unit to 1.854 cents for the third quarter. This translates to an annualised distribution yield of 8 per cent, up from 6.9 per cent in the same period last year.
Net property income for the three months to Dec 31 was up 22.3 per cent at $72.5 million on the back of a 19.8 per cent increase in revenue to $88.2 million. This was mainly due to an enlarged portfolio with the acquisition of Sandhill Plaza, strong rental uplifts from both Festival Walk and Gateway Plaza, and appreciation of the Hong Kong dollar and Chinese yuan against the Singapore dollar.
At Festival Walk, an average rental hike of 42 per cent was achieved for leases that expired on Dec 31, as more popular retail brands and new food concepts came on board. But rental growth is expected to moderate.
Isetan (Singapore) has warned investors to expect a substantially higher net loss for the year ended Dec 31, compared to 2014.
This was attributable to lower sales, higher rental expense and lower other income.
An assessment for provision of impairment loss for property, plant and equipment is ongoing and if it is deemed necessary to provide for such an impairment loss, there will be further impact to the company's bottom line, said the department store operator.
Isetan is in the midst of finalising its full-year results. Further details will be disclosed when the company announces its results on Feb 29.
Sony Corp, widely regarded as a key supplier of image sensors for Apple iPhones, said yesterday it was bracing itself for a slowdown in the premium smartphone market after sales of its sensors fell in the third quarter.
Video game sales and cost cuts in Sony's flagging mobile unit pushed October-December operating profit up 11 per cent to 202.1 billion yen (S$2.4 billion), beating analyst estimates. But the firm confirmed a much-feared hit to a segment that in recent quarters helped it shake off years of losses.
"Demand for image sensors from certain customers has slowed since November due to a slowdown in the high-end smartphone market," said chief financial officer Kenichiro Yoshida, without naming the clients.