MNACT's net income inches up by 10.2% in FY21/22

The increase was attributed to three factors.

Mapletree North Asia Commercial Trust Management Ltd.'s (MNACT) net property income inched up by 10.2% to $321.94m in FY21/22.

In a bourse filing, MNACT said its NPI growth was mainly due to lower rental reliefs granted to the retail tenants at Festival Walk, which was down to $14.7m from $49.8m in FY20/21; contributions from acquisitions in Japan and South Korea; and stronger average rate of RMB against SGD.

The increase however was partially offset by lower average rental rates at Festival Walk mall and Gateway Plaza as well as lower average rates of HKD and JPY against SGD.

The higher net income also pushed up MNACT's distributable income by 13.% to $239.22m and distribution per unit (DPU) by 10.4% to $0.06819.

Meanwhile, MNACT's portfolio valuation of its 13 properties as of 31 March 2022 ($8.27b) was marginally lower by 0.6% when compared to 31 October 2021 ($8.33b).

The company said the lower valuation was due to the impact of exchange rate fluctuations.

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