SINGAPORE (Oct 24): The trustee-manager of Mapletree Commercial Trust (MCT) has announced a 2Q19 DPU of 2.27 cents, 1.3% higher compared to 2.24 cents in 2Q18.

Income available for distribution in 2Q19 also increased by 1.3% to $65.6 million from $64.7 million last year.

This brings DPU for 1H19 to 4.50 cents, 0.7% higher than 4.47 cents in 1H18.

Currently, MCT’s portfolio comprises five properties in Singapore: VivoCity, Mapletree Business City I (MBC I), PSA Buildings, Mapletree Anson and Bank of America Merrill Lynch Harbourfront.

Gross revenue for the quarter came in at $109.9 million, 2.5% higher than $107.2 million in the previous year. This was mainly due to higher contribution from VivoCity, MBC I and MLHF, but partially offset by lower contribution from Mapletree Anson and PSA Building.

Property operating expenses was 3.8% higher at $23.7 million from $22.8 million last year, mainly due to higher property maintenance expenses and marketing and promotion expenses.

Hence, net property income (NPI) for 2Q18/19 stood at $86.3 million, 2.2% higher than $84.4 million a year ago.

As at end Sept, cash and cash equivalents stood at $46.6 million.

Sharon Lim, CEO of MCT's manager, says, “We are delighted that FairPrice, one of Singapore’s most established grocers, will enter VivoCity with a new integrated concept by 1H19/20. Specifically designed to cater to the varied needs of our shoppers, the new concept is expected to further enhance VivoCity’s retail offerings. On top of that, we can look forward to financial upside from the positive rental uplift of the new lease, as well as the conversion of some recovered space into higher yielding specialty shops.”

Units in MCT closed 1 cent higher at $1.61 on Wednesday.