SGREIT's net profit rises 7.2% YoY to $69.64m in H1 FY21/22

Despite a profit increase, income available for distribution declined by 1.3%.

Starhill Global REIT's (SGREIT's) net profit for the first half of the financial year 2021/2022 (FY21/22), which ended 31 December 2021, rose by 7.2% year-on-year (YoY) to $69.64m.

In FY20/21, the REIT’s net profit was $64.99m.

The REIT’s Singapore portfolio, in particular, saw a 4.4% YoY increase in its net property income (NPI) in the first half (H1) FY21/22 to $43.9m.

In a bourse filing, SGREIT’s manager, YTL Starhill Global, said the increase in net profit was due to “lower rental assistance for eligible tenants of the group,” which includes “allowance for rental arrears and rebates for Australia Properties, as well as the cessation of rental rebates in Malaysia following the completion of asset enhancement, works at The Starhill in December 2021.”

Income growth, however, was partially offset by the weaker contributions from its retail arm, Wisma Atria Property.

Despite an increase in the REIT’s net income, income available for distribution for H1 FY21/22 declined by 1.3% to $42.7m.

This was mainly due to the “one-off adjustment to reflect the timing difference of Singapore property tax refunds in the previous corresponding period, and full period of distribution to the perpetual securities holders in H1 FY21/22,” the REIT’s manager said.

Meanwhile, distribution per unit (DPU) to unitholders for H1 FY21/22 also increased by 2.3% to 1.78 cents.

Unitholders can expect to receive their H1 FY21/22 DPU on 23 March 2022.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Most Read

1. Expert

Top News

Lorem Ipsum text in year 2025
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old.
Lorem Ipsum is simply dummy text of the printing and typesetting industry.
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.

Exclusives

Cropping Issue on Responsive one
Contrary to popular belief, Lorem Ipsum is not simply random text. 
Artificial Inteliigence Testing
Contrary to popular belief, Lorem Ipsum is not simply random text. 
Lorem Ipsum is simply dummy text of the printing and typesetting industry.
Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, "Lorem ipsum dolor sit amet..", comes from a line in section 1.10.32.
Lorem Ipsum Singapore Business Review
The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.The text to display in the title bar of a visitor's web browser when they view this page. This meta tag may also be used as the title of the page when a visitor bookmarks or favorites this page, or as the page title in a search engine result. It is common to append 'Singapore Business Review' to the end of this, so the site's name is automatically added. It is recommended that the title is no greater than 55 - 65 characters long, including spaces.