SINGAPORE (April 25): The manager of Mapletree Commercial Trust (MCT) has posted distribution per unit (DPU) of 2.26 cents for the fourth quarter ended March, an increase of 11.9% from DPU of 2.02 cents a year ago.
This brings DPU for the full year to 8.62 cents, up 6.0% from 8.13 cents a year ago.
Income available for distribution grew 50.4% to $64.6 million in 4Q, from $42.9 million a year ago.
Gross revenue in 4Q grew 47.3% to $107.5 million, from $73.0 million in the corresponding quarter last year.
This was mainly due to contribution from recently-acquired Mapletree Business City I (MBC I), and positive contributions from VivoCity, Mapletree Anson and PSA Building.
However, property operating expenses increased 35.3% to $24.3 million, largely due to property operating expenses of MBC I, higher property maintenance expenses, property taxes, and property management fees incurred by the existing properties
Accordingly, net property income increased 51.2% to $83.2 million, from $55.0 million a year ago.
For FY16/17, gross revenue grew 31.3% to $377.7 million, and net property income was up 32.4% to $292.3 million.
Cash and cash equivalents stood at $53.9 million as at March 31, 2017.
“With the addition of MBC I into the portfolio, and underpinned by VivoCity’s robust performance, MCT’s total investment properties reached S$6.3 billion, up 46.0% from a year ago,” says Sharon Lim, CEO of the manager.
“With a strong balance sheet and gearing managed at a healthy 36.3%, net asset value rose 6.2% from a year ago to $1.38 per unit,” she adds.
Looking ahead, the manager says MCT’s portfolio is expected to remain resilient.
Units of Mapletree Commercial Trust closed 1.5 cents higher at $1.57 on Tuesday.
