MAINBOARD-LISTED Asian Pay Television Trust : S7OU 0% (APTT) has declared a distribution per unit (DPU) of S$0.0025 for the fourth quarter ended Dec 31, 2022, unchanged from the DPU declared in the year-ago period.

This will be paid out on Mar 24, after books closure on Mar 17.

It also reaffirmed its full-year distribution guidance of S$0.0105 per unit for 2023. This is 5 per cent higher than the year before, the trustee-manager said in a bourse filing on Friday (Feb 24). The distribution for 2023 will be paid in half-yearly instalments of S$0.00525 per unit, subject to no material changes in planning assumptions.

The trust’s profit after income tax for Q4 rose more than 14 times year on year to S$8.2 million, from S$545,000.

Revenue for the quarter dropped 8.9 per cent to S$69.4 million from S$76.2 million. This was due to a decline in revenue for its basic cable television and premium digital cable television segments. Revenue for basic cable television fell by 12.5 per cent to S$50.5 million, while that for premium digital cable television was 12.2 per cent lower at S$2.7 million.

On the other hand, its broadband segment’s revenue rose 4.9 per cent to S$16.1 million for the quarter, from S$15.4 million. 

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The trustee-manager attributed this growth to cable TV operator Taiwan Broadband Communications Group’s broadband strategy, which increased some 8,000 subscribers during the quarter and improved average revenue per user (APRU) by NT$3 (S$0.13) to NT$382 per month.

Meanwhile, the full-year profit after income tax more than doubled to S$45.5 million, from S$20.3 million for FY2021. Revenue was 4.6 per cent lower at S$286 million, from S$299.7 million the previous year.

While APTT does not expect growth in its basic cable television revenue generating units (RGUs) due to Taiwan’s saturated cable television market, it anticipates the number of premium digital cable television and broadband RGUs to continue increasing in 2023. 

“Total revenue will, however, be influenced by the ability to maintain ARPUs which will remain under pressure due to market dynamics.”

The decline in demand for home shopping, as well as the competition from Internet retailing, will continue to impact channel leasing revenue, the trustee-manager added.

Units of APTT closed at S$0.113 on Thursday, up S$0.002 or 1.8 per cent, before the results were released.