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.