Mapletree’s revenue surges 25% to S$66m in 3Q11

As renewal rental rates of its warehouses were higher than those achieved in 3Q10.

According to a financial statement, the Group’s gross revenue for 3QFY2011 increased by S$13.3 million (or 25.3%) to S$65.7 million compared to 3QFY2010. The Acquisition Portfolio accounted for 10.8% of 3QFY2011 total gross revenue. Out of the IPO Portfolio, the Flatted Factories, Stack-up/Ramp-up Buildings and the Warehouse secured new and renewal rental rates that were higher than rates achieved in 3QFY2010.

In addition, higher occupancies were also achieved in 3QFY2011 for the IPO Portfolio as compared to 3QFY2010.

Property operating expenses increased by S$4.3 million (or 27.0%) to S$20.1 million. This is attributed largely to higher property taxes, utilities expense as well as property operating expenses incurred for the Acquisition Portfolio.

Correspondingly, net property income for 3QFY2011 increased by S$9.0 million (or 24.6%) to S$45.6 million. On the back of a higher NPI, net income before tax and distribution increased by 25.2% to S$33.6 million in 3QFY2011 compared to 3QFY2010.

YTD FY2011 vs Unaudited Proforma YTD FY2010
Gross revenue increased by S$28.8 million (or 19.0%) to S$180.1 million. This was due to the higher occupancies in the properties and higher rental rates secured from new and renewal leases. The Acquisition Portfolio also contributed 5.4% of the YTD FY2011 total gross revenue.

Property operating expenses increased by S$7.5 million (or 15.9%) to S$54.7 million. This is attributed largely to property taxes, higher marketing commission, as well as higher property management fee corresponding to the higher revenue achieved.

Accordingly, net property income increased by S$21.3 million to S$125.3 million in YTD FY2011 as compared to YTD FY2010, while net income before tax and distribution increased by 22.1% to S$92.6 million.