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MNACT Q1 DPU edges up to 1.88 cents

HIGHER rental rates from its properties in mainland China and Hong Kong, as well as new contribution from its recently acquired Japanese properties boosted results for landlord Mapletree North Asia Commercial Trust (MNACT) in its first quarter.

The property trust was formerly known as Mapletree Greater China Commercial Trust (MGCCT), prior to the acquisition of the said properties in Japan on May 25, 2018.

Q1 income available for distribution rose 9.3 per cent from S$51.9 million in the year-ago period to S$56.7 million. However, distribution per unit edged up 1.6 per cent, from 1.851 Singapore cents to 1.881 Singapore cents on the back of a larger unit base following a placement of 312 million units at S$1.06 apiece in April 2018.

DPU for Q1 includes an advanced distribution of S$0.764 for the period April 1 to May 7, which was paid out to unitholders on May 25.

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For the three months ended June 30, gross revenue rose 6.2 per cent from S$88.9 million to S$94.4 million from the previous year.

Meanwhile, net property income rose 6.7 per cent from S$72 million in the preceding year to S$76.8 million.

Its properties include Festival Walk in Hong Kong and Gateway Plaza in Beijing.

MNACT units finished unchanged at S$1.15 on Monday.