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Mapletree North Asia Commercial Trust Q4 DPU up 2.7%

MAPLETREE North Asia Commercial Trust (MNACT) on Monday posted a 2.7 per cent rise in distribution per unit (DPU) to 1.956 Singapore cents for the fourth quarter ended March 31.

Contribution from the trust's new Japan properties and higher rental income from Festival Walk in Hong Kong and Gateway Plaza and Sandhill Plaza in China drove growth in revenue and net property income (NPI) for the quarter, as well as for the full year.

Gross revenue picked up 16.2 per cent to S$104.04 million, and NPI improved 15.3 per cent to S$84 million. Q4 distributable income also grew 15.3 per cent to S$62.07 million.

For the full year, DPU was up 2.8 per cent to 7.69 Singapore cents from 7.481 cents a year ago, taking into account an enlarged number of units in issue.

FY18/19 gross revenue increased 15.1 per cent to S$408.69 million, and NPI grew 14.6 per cent to S$329.03 million. Distributable income was up 14.1 per cent to S$240.67 million.

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"The manager's proactive asset and capital management of the portfolio, together with the addition of the Japan properties, have contributed to a steady year-on-year DPU growth for FY18/19," said Cindy Chow, chief executive officer of MNACT's manager.

"We are mindful of potential uncertainties in the year ahead, with the ongoing trade tensions and a slowing global economy. Nevertheless, we remain committed to do our best to weather these conditions and deliver sustainable value for unitholders."

Unitholders can expect to receive the Q4 distribution of 1.956 cents per unit on May 27.

MNACT units closed down two Singapore cents to S$1.34 on Monday before the results were announced.

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