MPACT sees 11.9% YoY drop in distribution due to lower overseas contributions

Adverse forex movements dampened overseas contributions.

Mapletree Pan Asia Commercial Trust (MPACT) reported an 11.9% YoY lower distribution to unitholders of $104m in Q2 FY 224/25 due to lower overseas contributions dampened by adverse forex movements.

MPACT said the absence of a one-off property tax refund which it had in Q2 FY23/24 attributed to the decline in its distributable income.

With lower income for distribution, MPACT also reported an 11.6% YoY decline in its distribution per unit.

DPU for the period was $0.0198.

DPU would be 9.6% YoY lower if the one-off property tax refund at VivoCity recorded in Q2 23/24 was excluded.

Meanwhile, the business trust said its Singapore assets recorded higher contributions for the quarter, cushioning shifts in its overseas market.

In Q2 FY24/25, MPACT’s Singapore assets recorded a $0.2m higher NPI and $1.0m higher revenue on a comparable basis.

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