Dasin Retail Trust reports 1H21 net property income rose 26 percent on Covid recovery

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Dasin Retail Trust reported Monday its first half net property income increased 26.3 percent on-year to S$38.2 million, mainly on higher rental income, the recovery from the Covid-19 impact and contributions from two malls acquired in July 2020.

Last year, the trust acquired Shunde Metro Mall and Tanbei Metro Mall for 1.95 billion yuan, at the time around S$375 million.

Revenue for the January-to-June period rose 38.5 percent on-year to S$51.3 million, the trust said in a filing to SGX.

The distribution per unit (DPU) including the distribution waiver — in which major unitholders have waived part of their entitlements to distributions — came in at 2.98 Singapore cents, up 55.2 percent from 1.92 Singapore cents in the year-ago period, Dasin Retail Trust said.

Excluding the distribution waiver, DPU would have been 2.67 Singapore cents for the first half, up 97.8 percent from 1.35 Singapore cents in the year-ago period, the filing said. The distribution waiver ends after this year.

The DPU is expected to be paid on 28 September.

The trust posted a stable occupancy rate of 95.7 percent.

Wang Qiu, CEO of the trust’s manager, issued an upbeat outlook.

“We are pleased with the encouraging financial performance for the first half of the year despite the challenges presented by the Covid-19 pandemic. We will continue with our proactive asset management via optimising trade mix and retail brands by introducing more experiential trades and defensive retail businesses and gradually phasing out traditional trades and introducing brands with greater abilities to attract customers,” she said in the statement.

“Though uncertainties still remain with the resurgence of Covid-19 in several countries, we remain optimistic that China is on the path of recovery where the consumer sentiments has been improving,” she added.

Dasin Retail Trust focuses on China’s Guangdong-Hong Kong-Macau Greater Bay Area, with seven retail malls located in Foshan, Zhuhai and Zhongshan Cities.