You are here

Dasin Retail Trust Q3 revenue down 7.5%

DASIN Retail Trust's revenue fell 7.5 per cent for the third quarter ended Sept 30, the trustee-manager said in a business update posted on Wednesday.

This was based on revenue in yuan, and excluded rental income recognised on a straight-line basis over the lease term.

The change was also calculated on the basis that revenue from Doumen Metro Mall, which was acquired in September last year, was excluded; revenue from Shunde Metro Mall and Tanbei Metro Mall, both acquired in July this year, was also excluded from Q3 FY20 total revenue.

The trustee-manager said that Shiqi Metro Mall, Xiaolan Metro Mall, Dasin EColour and Doumen Metro Mall had returned to normal operating hours from Feb 24; Ocean Metro Mall did so on March 2.

All cinemas in the Trust's portfolio have resumed operations; the KTV outlets at Shiqi Metro Mall, Xiaolan Metro Mall, Dasin EColour and Ocean Metro Mall have also resumed operations.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

The trustee-manager said it is granting eligible tenants rental rebates on a case-by-case basis while working with others to roll out marketing and promotional activities.

Separately, it is also in active negotiations with banks to refinance debt due in January next year. As at Sept 30, the Trust had S$425.4 million of onshore debt and S$78.6 million in offshore debt maturing in 2021.

Its gearing stood at 38.5 per cent, with the weighted average term to maturity being 4.9 years for onshore debt and 0.9 years for offshore debt.

Portfolio occupancy was 96.1 per cent.

About 4 per cent of the Trust's gross rental income with pure turnover rent leases are expected to be most impacted by the Covid-19 outbreak, but the impact is gradually decreasing.

The trustee-manager said that the existing lease structures are "highly resistant" and that it will continue to optimise the tenant mix.

It added that uncertainties are expected in the short term, and the business environment remains challenging. It will continue to observe the situation and prepare for short-term challenges.

The counter closed flat at 75.5 Singapore cents on Wednesday.

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes