MPACT’s net income jumps 44.9% YoY in H1 FY22/23

The “all-rounded” improvements in the trust’s Singapore properties drove the increase.

Contributions from VivoCity and Mapletree Business City (MBC) drove Mapletree Pan Asia Commercial Trust’s (MPACT) net property income (NPI) higher in H1 FY22/23, growing 44.9% YoY to $275.18m.

In a bourse filing, MPACT’s manager said 63% of the trust’s gross revenue and NPI were derived from ViVoCity and MBC.

“Our core market, Singapore, continued to chart a new post-COVID path. In tandem with the country’s full reopening, VivoCity and MBC achieved all-rounded improvements – delivering higher revenue and NPI, as well as rental uplifts of 7.7% and 3.8%, respectively,” the manager said.

With the increase, the trust’s distribution per unit rose 12.5% YoY to $0.0494.

Unitholders can expect to receive the distribution of $0.019 per unit on 7 December. The Transfer Books and Register of Unitholders of MPACT will be closed at 5.00 p.m. on Friday, 4 November.