Parkway Life REIT 4Q DPU grows 10.6% to 3.38 cents on divestment gains

Parkway Life REIT 4Q DPU grows 10.6% to 3.38 cents on divestment gains

By: 
Michelle Zhu
26/01/18, 07:21 am

SINGAPORE (Jan 26): The manager of Parkway Life REIT (PLife REIT) has announced a 4Q17 distribution per unit (DPU) of 3.38 cents, growing 10.6% on-year from a DPU of 3.06 in 4Q16 due to the one-off distribution of divestment gains.

This brings total DPU for FY17 to 13.35 cents, up 10.2% from 12.12 cents in FY16.

Gross revenue in 4Q declined by 0.7% to $27.5 million from $27.7 million previously as a result of the depreciation of the JPY.

The forex losses were largely offset by an increase in gross revenue from properties acquired in 1Q17, along with higher income from the upward rent revision of 1.27% for Singapore hospitals.

Net property income (NPI) grew 0.7% to $25.7 million in 4Q, due to lower property expenses compared to the year before on the absence of one-off marketing commission paid to the manager.

Finance costs over the latest quarter fell by 21.7% to $1.9 million compared to $2.4 million in 4Q16, largely due to refinancing initiatives completed in 2016 and 1Q17.

PLife REIT registered a portfolio revaluation gain of $26 million over the latest financial year, and its total portfolio size stands at approximately $1.7 billion as at 31 December 2017.

“Throughout the year, proactive financial and capital management continues to work in unison to enhance the stability of distributions to unitholders. We enter our second decade with confidence, with a healthy level of gearing and a lowered effective all-in cost of debt,” says Yong Yean Chau, CEO of the manager.

“Moving into the new financial year, our sound fundamentals continue to serve as the bulwark as we stay watchful for growth opportunities for PLife REIT.”

Units in PLife REIT closed 3 cents lower at $2.97 on Thursday. 

Singapore Shipping Corp FY19 earnings edge up 1.4% to US$10.6 mil

SINGAPORE (May 23): Singapore Shipping Corp (SSC) reported a 19.2% rise in 4Q19 earnings to US$3.1 million from US$2.6 million in 4Q18. This brings FY19 earnings to US$10.6 million, up 1.4% from a year ago. SSC’s ship owning business reported flat 4Q revenue of US$8 million while 4Q profit rose 10.6% to US$2.7 million. Its Agency and logistics business reported a 32.1% rise in 4Q revenue to US$4.5 million although profit fell 4.3% to US$0.76 million. Results from operating activities fell 1.1% to US$3.2 million. The company has proposed a final dividend of 1 cent per share. In....
Read More >>

SIA kept at 'buy' with transformative journey improving profitability

SINGAPORE (May 23): DBS Group Research is maintaining Singapore Airlines at “buy” with $10.80 target price on expectations of improvement in SIA’s profitability in FY20 as it carries out its transformative journey and valuations stay undemanding. DBS credits SIA’s transformation programme for making a difference with revenue growth finally returning after years of stagnation and cost management efforts also bearing fruit. This is evident in SIA posting stronger profit performance in 2H19 compared to 1H19. In addition, although jet fuel prices have rebounded to US$85/bbl currently....
Read More >>

Annica chairman Ong quits just as JLC senior partner goes missing with $33 mil of clients' money

SINGAPORE (May 23): Jeffrey Ong, chairman of Annica Holdings, has quit with immediate effect on May 20. Ong is also the managing partner of boutique law firm JLC Advisors. According to a Business Times report, some $33 million, believed to belong to Allied Technologies, has gone missing from the clients’ accounts of the law firm. See also: Allied Tech's $130 mil purchase of dorm operator aborted amid news of missing funds At the same time, an unnamed “senior partner” of JLC, has become uncontactable, reported the paper. Ong first joined Annica’s board back in July 2008 and ....
Read More >>