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Mapletree Greater China Commercial Trust posts 9.1% growth in Q1 DPU
MAPLETREE Greater China Commercial Trust (MGCCT) announced an 9.1 per cent growth in distribution per unit (DPU) for the fiscal first quarter ended June 30, 2016 to 1.85 Singapore cents, due to an enlarged portfolio and higher revenue.
The Reit reported an 11.9 per cent jump in gross revenue to S$84.96 million and 11.2 per cent increase in net property income to S$69.42 million for the quarter compared to the previous year.
Distributable income for Q1 rose 10.6 per cent to S$51.26 million from the preceding year.
Revenue expansion was due to the acquisition of Sandhill Plaza in Shanghai in June 2015 and higher revenue from Festival Walk, MGCCT said.
Festival Walk, a premier retail and office building in Hong Kong, accounted for 71 per cent of the portfolio gross revenue, as its gross revenue rose 9.7 per cent year on year.
MGCCT units closed 0.5 Singapore cents lower at S$1.075 on Friday.