MPACT Q2 DPU falls 3.5% to S$0.0194 on weaker overseas contributions
The decline is offset by growth at VivoCity and lower finance expenses
Mapletree Pan Asia Commercial Trust (MPACT) reported a 3.5% decrease in its distribution per unit (DPU) to S$0.0194 in Q2 2023, down from S$0.0201 a year prior. This decline primarily stemmed from weaker contributions from overseas properties, influenced by the non-renewal of a lease at the Fujitsu Makuhari Building in Japan, challenging market conditions in China, and ongoing difficulties in Hong Kong.
The absence of income from three divested assets further impacted the earnings. However, lower finance expenses and improved performance at VivoCity mitigated the decline. In Q2, revenue decreased by 5% to S$207.5 million, while net property income fell by 6.3% to S$153.5 million. The record DPU payment is set for December 16.
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