Mapletree Greater China Commercial Trust’s net property income up 10.2% to $59.3m in Q3

Thanks to higher tenant sales.

Mapletree Greater China Commercial Trust reported that its net property income increased 10.2% year-on-year to $59.3m in the third quarter, driven by higher tenant sales in spite of the weak retail environment in Hong Kong.

Its gross revenue jumped 12% on-year to $73.6m, while distributable income increased 11% to $45.1m. Its distribution per unit grew 9.5% to 1.662 cents.

Property operating expenses jumped 20.5% to $14.3m during the quarter, due mainly to higher staff cost, utilities and maintenance cost, property and lease management fees, and timing of incurrence of marketing and promotional expenses and activities.

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