SINGPAPORE (April 26): The manager of Mapletree Greater China Commercial Trust (MGCCT) has announced an available distribution per unit (DPU) of 7.320 cents for the full year ended March 31, up 1% from DPU of 7.248 cents a year ago.
Gross revenue increased 4.2% to $350.6 million for FY16/17, from $336.6 million a year ago.
This was mainly due to higher rental income from Festival Walk, as well as an enlarged portfolio with the acquisition of Sandhill Plaza in June 2015.
Net property income for the full year grew 2.9% to $285.6 million, from $277.5 million a year ago.
Property operating expenses increased 9.9% to $65.0 million, mainly due to additional property tax incurred by Gateway Plaza.
MGCCT’s assets were valued by Colliers International (Hong Kong) at $6.2 billion as of March 31, 2017.
Cash and cash equivalents stood at $234.9 million as at March 31, 2017.
“Our proactive portfolio management and prudent capital management have yielded stable DPU returns in FY16/17 despite the challenging business environment. The three properties continued to demonstrate resilience, achieving positive rental reversions and high occupancies,” says Cindy Chow, CEO of the manager.
“For FY17/18, we remain committed to driving organic growth and extracting operational efficiencies, as well as to carry out asset enhancement works to maintain the prime positioning of our assets,” she adds.
Units of Mapletree Greater China Commercial Trust closed 2 cents higher at $1.06 on Wednesday.
