Singapore-listed retail and office REIT, Mapletree Greater China Commercial Trust (MGCCT), has reported a distribution per unit (DPU) of 1.904 Singapore cents for its 4Q FY17/18, a fall of 2.8% from the 1.959 cents achieved in the corresponding period of the previous financial year.
The REIT’s gross revenue and net property income for the quarter decreased by 5.5% and 6.0% year-on-year to SGD89.55 million (USD67.4 million), and SGD72.86 million respectively.
The falls are mainly due to the reversal in 4Q FY16/17 of value added tax (VAT) payable that was previously assumed at a higher rate for Gateway Plaza, and a weaker average rate of HKD and RMB against the SGD.
Correspondingly, the REIT’s available DPU of 7.481 cents for the full FY17/18 is 1.9% higher than its previous financial year.
Full-year NPI of SGD287.2 million was 0.5% higher than the FY16/17 NPI of SGD285.6 million, and this was mainly due to higher revenue growth from Festival Walk and Gateway Plaza, said the REIT.
To read the full article, please login or subscribe.