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Dasin Retail Trust DPU falls 43.4% to 1.92 S cents for H1

DASIN Retail Trust's distribution per unit (DPU) dropped by 43.4 per cent to 1.92 Singapore cents for the six months ended June 30, 2020, from 3.39 Singapore cents a year ago.

This took into account a "distribution waiver", through which major unitholders have waived a portion of their entitlement to distributions from the retail property trust.

Without the waiver, DPU for the half year fell 28.7 per cent to 1.35 Singapore cents from 1.9 cents a year ago, according to results released on Thursday. 

Revenue was up 5.2 per cent to S$37.1 million for the first half, from S$35.2 million a year ago. This was mainly due to the acquisition of Doumen Metro Mall, partially offset by lower rental income from four malls and the weakening of the yuan against the Singapore dollar, the trustee-manager said. 

Lower rental from the malls - Ocean Metro Mall, Shiqi Metro Mall, Xiaolan Metro Mall and Dasin E-Colour - was due to impact from the Covid-19 pandemic and rental rebates provided to tenants during the half-year period.

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Net property income grew 6.4 per cent on the year to S$30.3 million for the first half, from S$28.5 million.

The amount available for distribution declined 17.1 per cent year on year to S$8.8 million, from S$10.7 million.

The distribution will be paid out on Sept 28, after books closure on July 6.

Despite current uncertainties, the trustee-manager said the underlying value of Dasin Retail Trust's assets is supported by growing demand for properties in the Greater Bay Area. 

Zhang Zhencheng, chairman of the trustee-manager, said the completed acquisition of Shunde Metro Mall and Tanbei Metro Mall for an agreed property value of S$375 million will further strengthen the retail property trust's foothold in the fast-developing Greater Bay Area and improve the performance of its portfolio. 

With the acquisition, the portfolio's valuation is about 11.7 billion yuan (S$2.31 billion) within three years from listing, more than double from 4.6 billion yuan. 

Units of Dasin Retail Trust were trading flat at 79.5 Singapore cents on Friday as at 9.08am.

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