Mapletree’s revenue jumps 11% to S$50m in 3Q11

The partial opening of the Alexandra Retail Centre last December greatly contributed to the group’s gross revenue.

According to a financial statement, the Group achieved a gross revenue of S$49.7 million for the period from 1 October 2011 to 31 December 2011 (“3Q FY2011/2012”) was 10.7% higher than the unaudited pro-forma gross revenue for the same period last year. VivoCity gross revenue was 12.8% higher with all revenue line items improving on the pro-forma figures. Gross revenue was 4.2% higher from the other assets due to higher gross revenue in MLHF and a new revenue stream in Alexandra Retail Centre following its partial opening on 15 December 2011.

Property operating expenses were S$15.9 million for 3Q FY 2011/2012, 13.8% higher than the unaudited pro-forma property operating expenses for the same period last year. This was due largely to higher utilities expenses, marketing & promotion expenses and operations and maintenance expenses.

Net Property Income of S$33.8 million for 3Q FY 2011/2012 was 9.3% higher than the S$30.9 million recorded in the unaudited pro-forma figures for the same period last year due to the above reasons.

Net income increased by 20.1% to S$24.5 million for 3Q FY 2011/2012 from S$20.4 million in the unaudited pro-forma figures for the same period last year mainly due to the higher Net Property Income and lower interest cost on borrowings. Income available for distribution was S$26.6 million, 30.3% higher than the unaudited pro-forma figures for the same period last year due to the higher net income and also due to non-tax deductible items which were not included in the pro-forma figures.