Mapletree Commercial Trust NPI surges 23.4% to $84.42m in Q2

Mapletree Business City I's contribution to revenue rose by $18.3m after its acquisition in 2016.

Mapletree Commercial Trust (MCT) is on a roll as its net property income (NPI) for Q2 rose by 23.4% YoY from $68.41m to $84.42m.

According to its financial statement, distributable income grew by 20.6% YoY from $53.65m to $64.69m. Distribution per unit (DPU) inched up 9.3% YoY to 2.24 cents.

Revenue was also lifted 21.7% to $107.2m, mainly due to the full quarter contribution from Mapletree Business City I (MBC I) after it was acquired on 25 August 2016, which was higher by $18.3m.

There was also a higher contribution from VivoCity, offset by lower contribution from PSA Building and Mapletree Anson.

Revenue for VivoCity was $1.7m thanks to higher rental income from new and renewed leases, achieved together with the completed renovation on Basement 2, Level 1 and Level 3, and the effects of the step-up rents in existing leases.

Revenue for PSA Building and Mapletree Anson were $0.5m and $0.3m lower mainly due to lower occupancy.
 

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