EC World REIT reports 3QFY2024 DPU of 0.401 cents, 56.2% lower y-o-y

Ashley Lo11-12

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. EC World REIT has reported a calculated distribution per unit (DPU...

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Calculated DPU for the 9MFY2024 stood at 2.072 cents, 30.2% lower y-o-y. \nCalculated 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. \nThe 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. \nThe 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. \nAs at Sept 30, the REIT’s gearing stood at 56.1%, exceeding the gearing limit imposed by the Monetary Authority of Singapore (MAS). \nPortfolio 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). \nAs 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. \nUnits in EC World REIT last traded at 28 cents before it called for a voluntary trading suspension in August.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483097356"}