SINGAPORE (May 28): Accordia Golf Trust, the business trust consisting of golf course assets in Japan, has declared a 39% lower distribution of 2.20 cents for the 1H18 compared to the distribution of 3.59 cents in 1H17.
In 4Q18, total distributable income available came in 62% lower at JPY 493 million ($6 million) compared to JPY 1.3 billion in 4Q17.
The trustee-manager says this was due to a decline in cash flows from operating activities caused by cold weather and a decrease in proceeds relating to membership revenue.
Operating income for 4Q18 was JPY 9.6 billion, 3.6% lower than 4Q17 mainly because of under-performance of the golf courses due to snowfall in January and rain and cold weather in March.
Operating expenses for 4Q18 was JPY 12.5 million, 2.1% higher than 4Q17. The increase is mainly due to the impairment loss recognised in the current year amounting to JPY 1.7 billion compared to impairment loss recorded in 4Q17 of JPY 1.5 billion.
Operating loss for 4Q18 was JPY 2.9 billion, which was 26.2% higher than 4Q17. Loss attributable to unitholders had also widened 1.3% to JPY 2.9 billion from JPY 2.8 billion.
Looking ahead, the trustee-manager of Accordia Golf Trust says it will continue to enhance the management of the operation of its golf courses so as to generate long-term and stable cash flow for unitholders.
Units in Accordia Golf Trust closed 0.5 cent to 62 cents on Monday.
