Dasin Retail Trust will not be making any distributions to its unitholders for 2HFY2022 ended Dec 31, 2022.
According to the trust, it isn’t able to declare any as the group and trust have defaulted on some $910 million in loans.
In contrast, the trust made a capital distribution of 0.4 cents per unit and an income distribution 1.84 cents per unit for the 2HFY2021.
During the 2HFY2022, the trust reported a loss of $221.5 million and a loss of $277.9 million for the FY2022.
Revenue for the full year fell by 15.8% y-o-y to $85.3 million.
Net property income (NPI) for the same period fell by 31.7% y-o-y to $47.2 million.
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Net income fell by 46.3% y-o-y to $8.4 million.
As at Dec 31, 2022, the group’s net asset value (NAV) fell to 84 cents from $1.40.
Cash and cash equivalents for the period stood at $38 million, a fraction of the $88.0 million in the year before.
As at Dec 31, 2022, the trust’s average occupancy rate for its seven malls is 91.5%, down from 93.9% as at Dec 31, 2021.
As at 9.52am, units in Dasin Retail Trust CEDU are trading 0.2 cents lower or 1.64% down at 12 cents.
