Dasin Retail Trust has reported a recovery in revenue for the 1QFY2021 ended March despite the impact of Covid-19.

The trust saw an 87.4% increase y-o-y in revenue for the quarter to around RMB130 million ($26.9 million).

SEE:ARA swoops in on Dasin Retail Trust's trustee manager with MOU

According to the trust, its revenue has recovered some 94% compared to its pre-pandemic levels.

China’s total retail sales of consumer goods were up 33.9% y-o-y during the 1QFY2021.

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The trustee-manager says it is actively negotiating with banks to successfully complete the extension of the loan relating to the trust’s initial portfolio and Shiqi Metro Mall due on July 18.

As at March 31, the trust’s gearing stood at 37.2%.

As at end-March, the trust reported a total occupancy rate of 96.1% over a weighted average lease expiry (WALE) of 5.9 years in terms of net lettable area (NLA) and a WALE of 3.6 years in terms of gross rental income (GRI).

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The trust, in its update, reported that it had a well-diversified trade mix in its portfolio, with no single property contributing over 24% of revenue in March 2021.

Units in Dasin Retail Trust closed 1 cent lower or 1.4% down at 71.5 cents on May 17.