MPACT net property income surges 68% YoY to $179.2m in Q1 FY23/24

This was boosted by the effect of the merger and its Singapore performance.

Mapletree Pan Asia Commercial Trust (MPACT) posted a 68% year-on-year growth in net property income to $179.2m in the first quarter of the financial year 2023/24 driven by the effects of the merger with Mapletree North Asia Commercial Trust and better performance in Singapore.

In a statement, MPACT’s manager said the company’s revenue also increased by 75.6% YoY to $237.1m.

“MPACT’s portfolio demonstrated resilience in 1Q FY23/24, with stronger performance by the Singapore properties and largely steady earnings from the overseas properties. The portfolio also achieved a stable NPI as compared to the preceding quarter. This set of results reflects the underlying operational strength of our assets,” said MPACT’s Manager CEO Sharon Lim.

ALSO READ: MPACT’s NPI up 82.2% YoY to $177.4m in Q4 FY22/23

“Nonetheless, we must acknowledge that our financial performance was impacted by broader market dynamics, including increased utility costs and higher interest rates. Because of the stronger Singapore dollar, contributions from the overseas properties were also impacted by foreign exchange effects when translated into SGD,” she added.

MPACT’s manager said all markets, except Greater China, posted positive rental uplifts, with Singapore recording string rental uplifts from 7.1% at Mapletree Business City to 12.3% in VivoCity.

The company’s portfolio committed occupancy was at 95.7% as of 30 June.

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