News

Commercial Property

Clarist Zablan

, Singapore

Published:

6 years ago

163 views

The worst may be over for MNACT

Much of the drag in earnings from Festival Walk’s closure already occured in Q3.

Although uncertainties remain, the worst may be over for Mapletree North Asia Commercial Trust (MNACT) as Q3 FY2020 has taken much of the weight from Festival Walk’s closure, according to a report from OCBC Investment Research.

MNACT highlighted in its financial statement that it will no longer be providing any distribution top-ups for Festival Walk by Q1 FY2021. However, there has still been no visibility on when the insurance reimbursements would arrive.

According to an SGX filing, Mapletree North Asia Commercial Trust's net property income (NPI) crashed 40% YoY to $50.78m in Q3, whilst gross revenue slumped 36.3% to $67.28m over the same period.

This was attributed to lower revenue from Festival Walk, which closed from 13 November 2019 to 16 January for repairs after it sustained damages during the ongoing unrest in Hong Kong.

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