Mapletree Commercial Trust DPU up 9.3% to 2.24 Singapore cents in Q2

Mapletree Commercial Trust reported that total income available for distribution was $64.7 million in Q2, driven partly by the contribution from Mapletree Business City I (pictured). PHOTO: MAPLETREE COMMERCIAL TRUST

SINGAPORE - Mapletree Commercial Trust (MCT) has posted second-quarter distribution per unit (DPU) of 2.24 Singapore cents, up 9.3 per cent from 2.05 Singapore cents a year earlier.

Total income available for distribution in the three months to Sept 30 was S$64.7 million, up 20.6 per cent from the same period last year, driven by the full quarter contribution from Mapletree Business City I, as well as higher takings from VivoCity, offset by lower contributions from PSA Building and Mapletree Anson.

Gross revenue rose 21.7 per cent to S$107.2 million, while net property income jumped 23.4 per cent to S$84.4 million.

Earnings per unit was 2.14 Singapore cents, up from 1.94 Singapore cents a year earlier. Net asset value per unit was S$1.37 as at Sept 30, from S$1.38 as at March 31.

As at Sept 30, the committed occupancy of MCT's portfolio was 98.7 per cent.

At VivoCity, shopper traffic in the six months to Sept 30 remained stable while tenant sales grew 1.1 per cent.

Units of MCT rose half a cent or 0.32 per cent to S$1.59 on Wednesday before the results were announced.

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