MNACT’s net profit rises by 4.1% YoY to $81.5m in Q1 FY22/23

The profit growth was largely driven by two factors.

Mapletree North Asia Commercial Trust’s (MNACT) net profit rose by 4.1% YoY to $81.5m in Q1 FY22/23.

In a bourse filing, MNACT’s manager said the profit growth for the quarter was largely driven by contribution from the Hewlett-Packard Japan Headquarters Building (“HPB”) that the company acquired on 18 June 2021, and the lower quantum of rental relief granted at Festival Walk in Hong Kong.

According to Cindy Chow, CEO of MNACT’s manager, the rental relief granted in 1Q FY22/23 was $0.2m.

In Q1 FY21/22, the company granted a rental relief of $4.0m to tenants of Festival Walk.

Festival Walk, Gateway Plaza in Beijing, and the newly levied property tax1 at Sandhill Plaza in Shanghai also posted lower average rental rates during the quarter that partially offset the company’s profit increase.

Except for Gateway Plaza, MNACT’s malls also posted gross revenues with Festival walk posting a dip of 0.8% YoY, and Sandhill Plaza’s declining by 3.7%.

On the flip side, MNACT’s manager said the company is looking forward to its merger with Mapletree Commercial Trust (MCT) to form Mapletree Pan Asia Commercial Trust (MPACT).

“As we embark on this significant milestone, on behalf of the board of directors and management team, we would like to thank our unitholders once again for their long-standing support and trust in MNACT since IPO,” Chow said.

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