Accordia Golf Trust reports fiscal 2Q net profit more than tripled

Ceramic cats at retailer DaisoCeramic cats at retailer Daiso

Accordia Golf Trust reported Wednesday its fiscal second quarter net profit surged 250.7 percent on-year to 1.22 billion yen on improved performance of the golf courses.

Revenue for the quarter ended 30 September rose 6.4 percent on-year to S$12.70 billion yen, the golf course operator said in a filing to SGX.

The distribution per unit (DPU) for the April-to-September period was 2.61 Singapore cents, up from 1.64 Singapore cents in the year-ago period, the trust said.

“The performance of the golf courses have generally improved due to better weather conditions and management efforts in undertaking
more advertisement campaigns in the current quarter,” Accordia Golf Trust said. “This led to an 8.5 percent increase in players in
the current quarter.”

Operating expenses fell 1.3 percent on-year to 10.70 billion yen, mainly on lower utilities expenses after an LED light installation project at some golf courses, and lower golf course maintenance and repair expenses, the trust said.

Other operating expenses fell 13.2 percent on-year in the quarter to 583 million yen on a larger infrastructure loss from a typhoon in the previous year, the filing said.

In its outlook, Accordia Golf Trust said it expected the golf industry to remain resilient despite an economic slowdown amid steady demand from senior golfers.

“On the back of increasing uncertainties in the macroeconomic environment, we will adopt a progressive stance while exercising prudence in managing our operating costs,” the trust said. “To rejuvenate the golf industry, the management will continue its efforts to engage more female and junior players. Various campaigns and programs will continue to encourage new players and retain existing players.”

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