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COMMERCIAL landlord Mapletree Greater China Commercial Trust (MGCCT) achieved a slight improvement in results for the first quarter ended June 30, mainly driven by higher average rental rates from its properties and a lower value added tax rate for its Gateway Plaza property compared to the year-ago period.
Distribution per unit edged up to 1.851 Singapore cent from 1.85 Singapore cent in the previous year, the group said in a Singapore Exchange filing on Friday evening.
That came as Q1 income available for distribution crept up 1.3 per cent to S$51.9 million from the previous year.
For the three months ended June 30, gross revenue expanded 4.6 per cent to S$88.9 million from the previous year. Net property income grew 3.7 per cent to S$72 million from the preceding year.
MGCCT units closed unchanged at S$1.11 on Friday.