Mapletree Greater China Commercial Trust Q3 DPU up 5.1%

MAPLETREE Greater China Commercial Trust (MGCCT) has posted a third-quarter distribution per unit (DPU) of 1.868 Singapore cents, up 5.1 per cent from the same period a year earlier.

This was due mainly to a lower translated average cost of debt post re-financing.

Gross revenue in the three months ended Dec 31 was S$88.5 million, up 0.7 per cent from the same period a year earlier.

Net property income was flat at S$71.4 million, due mainly to higher rent at all three assets and lower accrued revenue for Gateway Plaza in the same period a year earlier, arising from the uncertainty in the applicable VAT rate before clarification was obtained in March 2017.

This was offset by the increased maintenance, marketing and promotion costs at Festival Walk as well as a weaker Hong Kong dollar and Chinese yuan.

Portfolio occupancy rate was 96.9 per cent as at Dec 31, while gearing ratio was 39.3 per cent.

Net asset value per share was S$1.228 as at Dec 31, down from S$1.301 as at March 31 last year.

Based on the closing unit price of S$1.23 for the period, MGCCT generated an annualised distribution yield of 6 per cent in the third quarter, from 7.4 per cent in the same period a year earlier.

The counter closed unchanged at S$1.27 on Thursday before results were announced.