Its lower revenue is due to the lack of contributions from its divested office property Mapletree Anson, as well as lower contributions from assets overseas
MAPLETREE Pan Asia Commercial Trust’s (MPACT) distribution per unit (DPU) fell 9.1 per cent to S$0.02 for its third quarter ended Dec 31, 2024, from S$0.022 in the year-ago period.
Revenue was down 7.4 per cent at S$223.7 million for the quarter, from S$241.6 million in the prior corresponding period.
This was due to the lack of contributions from its divested office property Mapletree Anson, as well as lower contributions from assets overseas, which were further dampened by the persistent strength of the Singapore dollar, the trust’s manager said on Thursday (Jan 23).
The manager noted that MPACT’s Singapore assets showed resilience, however, led by shopping mall VivoCity’s robust performance despite ongoing asset enhancement initiatives.
Net property income fell 8.5 per cent on year to S$166.9 million for the quarter, from S$182.4 million.
The amount available for distribution to unitholders fell 9.2 per cent on year to S$104.7 million, from S$115.3 million.
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The distribution will be paid out on Mar 7, after books closure on Feb 4.
Sharon Lim, chief executive of the manager, expects global headwinds to persist in 2025.
“While navigating near-term obstacles, MPACT’s core stability remains anchored by Singapore’s dominant position in the portfolio,” she said.
Units of MPACT closed at S$1.19 on Thursday, up S$0.01 or 0.8 per cent, before the results were released.
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