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Accordia Golf Trust H1 DPU soars 54.5% to record high of 2.07 yen

ACCORDIA Golf Trust's distribution per unit (DPU) for the half-year ended Sept 30 rose 54.5 per cent to 2.07 yen (2.61 Singapore cents), from 1.34 yen a year ago, the highest distribution since the trust was listed in August 2014.

The trust manager reported on Wednesday that H1 net profit was up 29 per cent to 3.5 billion yen, mainly due to improved performance at the golf courses. Distributable income was 2.3 billion yen, compared with 1.5 billion yen in H1 2018.

Revenue rose 3.6 per cent to 27.2 billion yen from 26.2 billion yen in the corresponding period of the previous year.

For the second quarter alone, net profit more than tripled to 1.2 billion yen from about 347 million yen a year ago.

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This came on the back of a 6.4 per cent rise in revenue to 12.7 billion yen, which the manager attributed to better weather conditions and management efforts to run more advertising campaigns in the quarter. There was an 8.5 per cent increase in the number of players in the quarter, boosting operating income.

Efforts to optimise energy usage and keep operating costs low also boosted earnings.

Income available for distribution was 22 million yen, compared with a loss of 191 million yen in Q2 2018.

The half-year DPU of 2.61 Singapore cents will be paid out on Dec 18. (see amendment note)

Accordia Golf Trust units closed up 0.5 Singapore cent or 0.83 per cent to S$0.605 on Wednesday before the results were announced.

Amendment note: A previous version of the article incorrectly stated the DPU amount that will be paid out on Dec 18. The article above has been revised to reflect the correct figure.