Mapletree Commercial Trust reports improved Q1 FY2022/23 results on easing Covid-19 measures

MAPLETREE Commercial Trust : N2IU 0% (MCT) reported a 8.8 per cent increase in revenue for Q1 FY2022/23 ending Jun 30 to S$135 million from S$124.1 million a year prior.

Net property income for the period also rose in tandem, up 10.1 per cent to S$106.7 million from S$96.9 million a year ago. The increases were driven by easing Covid-19 measures, with VivoCity continuing on a steady recovery. Tenant sales in Q1 FY2022/23 rebounded 53.3 per cent y-o-y, surpassing pre-Covid levels.

The shopping centre posted a 34.4 per cent y-o-y growth in gross revenue and a 45 per cent y-o-y growth in net property income for Q1 FY2022/23. VivoCity has 98.5 per cent committed occupancies as at Jun 30.

“We remain confident that VivoCity will continue its upward trajectory as social activities and international travel progressively return to normalcy,” said Sharon Lim, chief executive officer of MCT’s manager.

Mapletree Business City (MBC) contributed the bulk of gross revenue and net property income for the office and business park assets segment. MBC generated S$55.7 million in gross revenue and S$45.2 million in net property income, up 5.5 per cent and 5.8 per cent respectively y-o-y.

MBC and mTower, the former PSA building, reported 98.2 per cent and 86.8 per cent committed occupancies respectively. Bank of America Harbourfront and Mapletree Anson both have fully committed occupancies.

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The trust scheme for the merger between MCT and Mapletree North Asia Commercial Trust (MNACT) became effective on Jul 21, and MCT has expanded its investment mandate on the same date to include key gateway markets of Asia. MNACT is on track to be delisted by Aug 3, with the merged entity renamed Mapletree Pan Asia Commercial Trust.

“Our commitment remains unchanged — to drive long-term growth and sustainable return. With a diversified and high quality portfolio across key gateway markets of Asia, of which best-in-class assets constitute approximately 67 per cent of the merged portfolio, we believe we can deliver,” said Lim.

Units of MCT closed up 1 per cent or S$0.02 to S$1.90 on Jul 29.