Dasin Retail Trust’s net loss widens in FY22 to $221.5m

The net loss translates to a loss per unit of $0.2730.

The net loss of SGX-listed Dasin Retail Trust widened in FY22 to $221.5m from $51.8m in FY21, its latest financial statement showed.

The trust’s manager attributed the decline to the net change in the fair value of its investment properties. Net change recorded in FY22 was $297.9m, whilst FY21’s record was $63.9m.

The manager said the decline in market performance and rental rates, lower passing rent, lower projected short-term growth rate in rent, negative version in rental rate from some leases contracted in 2022, and an increase in vacancy rates drove the decline in fair value of Dasin Retail’s investment properties.

“The decrease in fair value of the investment properties is also contributed by foreign change due to the weakening of Renminbi (RMB)against Singapore dollars as the fair value of the investment properties is determined in RMB,” the manager added.

Given the net loss, Dasin Retail Trust also recorded a loss per unit of $0.2730 for FY22, wider than the loss per unit in FY21 of $0.0661.