- Mapletree Pan Asia Commercial Trust reported 2Q FY25 revenue of S$255.6m (-6.1% y-o-y) and net property income of S$167.7m (-8.5%).
- The lower topline revenue and NPI was due to divestment of Mapletree Anson in Jul-24, absence of refund of property tax from a year ago, and forex impact (-0.6% y-o-y at NPI level), offset by stronger performance at VivoCity, alongside lower utility expenses and 2.6% lower net financing costs through debt reduction post divestment.
1H FY25 NPI fell 4.2% y-o-y while DPU trails behind our estimate
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Our view
Retail continues to anchor growth / recovery.
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