Mapletree Commercial Trust has released its 2HFY20/21 and full year FY20/21 financial results on 27th April 2021. I was surprised that it was able to increase its DPU despite its retail suffering from the impact of COVID-19 pandemic.

This is all thanks to the government grants and Mapletree Business City. How did Mapletree Commercial Trust fare? Let us take a look below.

2H FY20/21 Financial Results

The Gross revenue before government grant was 1.5% lower at S$25.8 mil in 2H FY20/21 as compared to S$26.1 million in 2H FY19/20. Gross revenue rose 0.6% after government grant.

Net Property Income rose 1.8% year-on-year mostly due to Mapletree Business City (“MBC”) II’s full period contribution and tapering of COVID-19 rental rebates.

2H FY20/21 distribution per unit (“DPU”) up 57.9% to 5.32 Singapore cents, includes part release of the retained cash carried forward from 4Q FY19/20.