MYP's FY20 loss widens to S$2.1m on revaluation losses

MAINBOARD-LISTED MYP saw its net loss widen to about S$2.1 million for the year ended March 31, from about S$2 million a year ago.

This was mainly due to revaluation losses of about S$1.5 million, compared to revaluation gains of S$1.3 million in FY2019, the property investment firm said in a bourse filing on Monday. 

There were no capital gains in FY2020, compared to capital gains of S$2 million in FY2019 from the disposal of an investment property, MYP added.

Loss per share stood at 0.13 Singapore cent for the year, the same as the year before.

The group's revenue comprises mainly rent and service income generated from its investment properties. Revenue rose 2.5 per cent to about S$23.3 million, from about S$22.8 million a year ago.

This was due to improved occupancy rates for existing investment properties, despite the disposal of an investment property the previous year.

No dividend was declared for the full year, unchanged from a year ago.

MYP said it is closely monitoring external factors that might impact its performance, such as the softening of the office rental market and the fluctuation of bank interest rates.

MYP shares last traded at 8.9 Singapore cents on July 9.