SINGAPORE (May 25): The trustee-manager of Accordia Golf Trust posted a distribution per unit (DPU) of 4.71 yen (6.04 cents) for the full year ended March, 14% lower than the DPU of 5.50 yen a year ago.
Distributable income fell to 5.2 billion yen, from 6.0 billion yen a year ago.
The trustee-manager clarifies that the computation of total distributable income available for FY16/17 is for illustrative purpose only, as Accordia Golf Trust makes distributions on a semi-annual basis.
The trustee-manager has declared a distribution of 3.59 cents for the semi-annual period from Oct 1, 2016, to March 31, 2017.
Operating income fell 2.4% to 51.9 billion yen, from 53.2 billion yen a year ago.
This was largely due to weaker performance at the golf course, mainly due to an earthquake in Kyushu area in April 2016, as well as unfavourable weather events throughout the year.
Revenue fell 1.9% to 51.5 billion yen in FY16/17, from 52.5 billion yen a year ago.
In a filing to SGX on Thursday, Accordia says this was despite steady overall golf demand.
Cash and cash equivalents stood at 10.2 billion yen as at March 31, 2017.
The trustee-manager of Accordia Golf Trust says the Japanese golf market continues to remain stable with the support of weekdays play demand from senior players.
“Furthermore, booming inbound tourism to Japan could have a positive impact on golf demand in the mid to long term,” it adds. “AGT has been making efforts to expand to a more varied player base to generate stable cash flow and distribution.”
Units of Accordia Golf Trust closed half a cent higher at 78 cents on Thursday.
