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Mapletree Commercial Trust's Q4 DPU up marginally

MAPLETREE Commercial Trust (MCT) reported a one per cent rise in distribution per unit (DPU) to 2.02 Singapore cents for the fourth quarter ended March 31.

For the full fiscal year, its DPU rose 1.6 per cent to 8.13 cents.

Net property income during the quarter rose 3.5 per cent to S$55 million and grew 4.3 per cent to S$220.7 million during the full fiscal year.

Its largest portfolio property VivoCity racked up a 3.7 per cent and 7.2 per cent increase in gross revenue and net property income, largely driven by higher rental income from positive rental reversion, and the effects of the rental step-ups in existing leases.

Sharon Lim, CEO of Mapletree Commercial Trust Management Ltd (MCTM), said: "We are pleased to close the year with a set of steady results despite weak retail sentiments and office market. With our focus on active asset management and cost management, gross portfolio revenue for the FY15/16 increased 1.9 per cent and we achieved a 5.3 per cent savings in operating expenses."

At Merrill Lynch Harbourfront, Bank of America Merrill Lynch's lease has been renewed and restructured in April.

Post-restructuring, the weighted average lease expiry for MCT's office assets has been extended from 2.8 years to 3.5 years.