MGCCT's Q4 DPU increases to 1.959 Singapore cents

MAPLETREE Greater China Commercial Trust (MGCCT) announced an available distribution per unit (DPU) of 1.959 Singapore cents for 4Q FY16/17, up 1.9 per cent year on year.

This was due to the reversal of value added tax payable previously assumed at a higher rate, following the clarification obtained from the local tax authorities, and implementation process at Gateway Plaza in March this year. This was offset by additional property tax for Gateway Plaza arising from the change in computation from July last year.

Gross revenue rose 7.9 per cent to S$94.78 million, while net property income was 6.1 per cent higher at S$77.48 million.

For FY16/17 as a whole, available DPU clocked 7.32 cents, or one per cent higher year on year.

MGCCT's policy is to distribute on a semi-annual basis; its distribution for the period from Oct 1, 2016 to March 31, 2017 is 3.731 cents. This is calculated based on the total distributable income for the period from Oct 1, 2016 to March 31, 2017 over some 2.8 billion units representing issued units as of March 31, 2017.

The DPU is payable on May 29.