Mapletree Commercial Trust (MCT) just announced their 4th Quarter 2019/2020 Financial Results. MCT shared that they will be paying out only 0.91 cents dividends this quarter in anticipation of uncertainties arising from COVID-19 pandemic. This is a more than 50% cut compared to the previous dividend of 2.31 cents in Q4 FY2018/2019.
Was the financial result really that bad? Lets find out.
REVENUE AND NET PROPERTY INCOMEFrom Mapletree Commercial Trust Slide

Both revenue and net property income increased by more than 10% compared to the previous financial year (FY). It seems impressive, but this increase seems to be mainly due to contributions from the newly acquired Mapletree Business City II. From Mapletree Commercial Trust SlideThe revenue and net property income of the existing properties, excluding Mapletree Businesss City II, shows that both figures dropped. This is likely due to the COVID-19 pandemic. Considering that the circuit breaker started on 7 April, we will see a