Singapore-listed Accordia Golf Trust (SGX:ADQU) announced on 10 February that it has achieved a distribution per unit (DPU) of 2.16 Singapore cents for its 3Q FY15/16, an increase of 19.3% from the 1.81 cents posted in the corresponding period in the last financial year.
This after total distributable income available came in at JPY 2,022 million (SGD24.4 million); an increase of 12.0% as compared to 3Q FY14/15.
“Operating income for 3Q FY15/16 was JPY 14,989 million, 4.4% higher than 3Q FY14/15”, said the trust in a statement on the results. “This is mainly due to the good weather condition in October 2015 and December 2015. During the quarter, number of visitors increased 5.6% from the previous year”, it added.
Accordia Golf Trust expects the general market outlook of Japan to improve in the quarters ahead citing events such as the 2020 Tokyo Olympics which is expected to push the real GDP by JPY 36 trillion - an annual average of +0.3% through 2015 to 2020.
“Amid a generally better economic backdrop, there is stronger demand for golf in the metropolitan areas in Japan”, it said adding that as the Japanese economy continues to recover, the demand for golf in urban regions continues to be sound.
The trust also pointed to the number of baby boomers in the Japanese population who are approaching retirement and expected to form a major target market segment for its golf courses in the years ahead.
Units of Accordia Golf Trust finished the trading day about 1% higher from its previous close on the Singapore Exchange to end at SGD0.53.