Mapletree Commercial Trust H2 DPU up 58%

MAPLETREE Commercial Trust (MCT) on Tuesday reported that its distribution per unit (DPU) for the second half of the year ended March 31 rose 57.9 per cent to 5.32 Singapore cents from 3.37 cents in the previous year.

The DPU includes a part release of retained cash carried forward from Q4 of FY2020. The amount released was S$13 million.

Revenue including government grants rose 0.6 per cent to S$260.3 million for the half year. If the grants were excluded, revenue would have declined 1.5 per cent to S$257.6 million.

Net property income (NPI) was S$205.6 million, up 1.8 per cent from S$201.9 million in H2 2020. This was on the back of lower property operating expenses, due to lower staff costs, property maintenance expenses, utilities expenses, marketing and promotion expenses and property management fees.

Income available for distribution to unitholders was S$163.3 million, up 49.6 per cent. Distributable income in H2 of the previous year was S$109.1 million, after MCT made capital allowance claims and retained capital distribution amounting to S$43.7 million in Q4 to conserve liquidity in view of the uncertainty caused by the Covid-19 pandemic.

Financial performance for the full year was dampened by the rental rebates that MCT provided to its tenants amid the Covid-19 pandemic, said Sharon Lim, chief executive of MCT's manager. However, the impact was cushioned by the maiden full-year contribution from Mapletree Business City II.

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For the full year, DPU was up 18.6 per cent to 9.49 Singapore cents from eight cents in FY2020. Revenue including government grants shrank 0.8 per cent to S$479 million. Excluding the grants, revenue decreased 1.9 per cent to S$476.3 million.

NPI was down 0.2 per cent to S$377 million, and distributable income grew 17.9 per cent to S$286.7 million.

Ms Lim said the real estate investment trust manager is "cautiously optimistic" as safe distancing measures have been relaxed and more people are returning to the workplace. "With the expansion of the vaccination programme in the country, we look forward to clearer skies ahead especially when global travel resumes," she added.

Unitholders can expect to receive the H2 distribution on June 4.

MCT units closed at S$2.13 on Tuesday, down S$0.01 or 0.5 per cent.