Accordia Golf Trust posts 5.16 yen DPU for eight months

ACCORDIA Golf Trust (AGT) - which debuted on the Mainboard last August - on Tuesday posted a distribution per unit (DPU) of 5.16 yen (5.71 Singapore cents) for the period from Aug 1, 2014, to March 31, 2015 (FY2014/2015).

This is 7.2 per cent lower than AGT's forecast DPU of 6.15 Singapore cents, figures from AGT's financial statement showed.

For the fourth quarter ended March 31, 2015, AGT recorded a net loss attributable to unitholders of 981 million yen (S$10.9 million), on the back of 9.8 billion yen in operating income, which was 524 million yen or 5.1 per cent lower than AGT's forecast.

"With the favourable weather conditions during the period except in January, the number of visitors to AGT's golf courses recorded was higher than the previous year and the forecast. However, as a result of lower average play fees due to the higher discounts given to attract more visitors in some golf courses, an overall lower revenue was recorded," said AGT.

For FY2014/2015, net profit attributable to unitholders came up to 2.6 billion yen. Total operating income stood at 33.4 billion, 2.2 per cent below AGT's forecast, due to "unfavourable weather conditions and discounts given during winter season to attract more visitors", said AGT.

The first distribution will be paid to unitholders on June 15, 2015.