EC World REIT has reported a calculated distribution per unit (DPU) of 0.401 cents for the 3QFY2024 ended September, down 56.2% y-o-y from the same period last year. Calculated DPU for the 9MFY2024 stood at 2.072 cents, 30.2% lower y-o-y.
Calculated distributable income for the 3QFY2024 stood at $3.2 million, down 56.2% y-o-y. This came on the back of lower revenue and higher finance cost within the quarter. Finance costs rose by 22.3% y-o-y to $14.4 million, due to higher interest rate for offshore facilities in the quarter.
The group’s 3QFY2024 revenue fell by 7.1% y-o-y to $25.1 million, while net property income stood at $22.8 million, down 7.8% y-o-y.
The REIT’s lower operating performance follows the discontinuation of China Tobacco leases in relation to Hengde Logistics Phase 1, lower rental income from Chongxian Port Logistics, and expiry of master lease agreement in August for Fuzhou E- Commerce.
As at Sept 30, the REIT’s gearing stood at 56.1%, exceeding the gearing limit imposed by the Monetary Authority of Singapore (MAS).
Portfolio occupancy for the period stood at 84.1%, while weighted average lease expiry came in at 0.7 year for gross rental income (GRI) and 1.6 years for net lettable area (NLA).
As at Sept 30, EC World’s bank borrowings stood at $466.3 million, comprising onshore and offshore loans of $124.9 million and $341.1 million, respectively.
Units in EC World REIT last traded at 28 cents before it called for a voluntary trading suspension in August.
