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Hong Kong mall owner Fortune Reit reports strong earnings for 1H 2017

A SLIGHT improvement in Hong Kong's retail sector lifted results for retail landlord Fortune Reit in the six months ended June 30, it said.

Distribution per unit crept up to 25.53 HK cents from 24.78 HK cents in the previous year, the group said in a Singapore Exchange filing on Friday evening.

That came as H1 income available for distribution increased 3.6 per cent to HK$487.0 million from the previous year.

For the six months ended June 30, gross revenue increased 2.5 per cent to HK$1 billion from the previous year. Net property income grew 3 per cent to HK$727.0 million from the previous year.

Fortune Reit's properties include Fortune City One, Fortune Kingswood, and Ma On Shan Plaza. It said as at June 30, the occupancy rate of its portfolio remained steady at 96.6 per cent with an average passing rent of HK$42 per sq ft.

Fortune Reit units finished at HK$9.75, up 10 HK cent or 1.04 per cent on Friday.

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