Accordia Golf Trust Q1 gain dives 75.4%; independent adviser approves proposed divestment

Unitholders to vote at EGM on divestment of trust's interests in all its golf courses

Published Fri, Aug 21, 2020 · 09:50 PM

Singapore

ACCORDIA Golf Trust's (AGT) Q1 net profit fell 75.4 per cent to 570 million yen (S$7.4 million) for the three months ended June 30, 2020, down from 2.32 billion yen a year ago.

Operating income fell 27.1 per cent to 10.65 billion yen, from 14.62 billion yen in Q1 FY19.

In a financial update released on Friday, AGT's manager said there was a "significant decline" in the performance of the trust's portfolio of 88 golf courses in Japan as a state of emergency was declared in April and May to combat the spread of Covid-19.

The number of players for the quarter fell 12.3 per cent from the year-ago period to 1.42 million, with reve…