MPCMF - Mapletree Pan Asia Commercial Trust (MPCMF) Q4 2025 Earnings Call Transcript
2025-04-28 01:17:14 ET
Mapletree Pan Asia Commercial Trust (MPCMF)
Q4 2025 Results Earnings Conference Call
April 27, 2025, 09:00 PM ET
Company Participants
Teng Li Yeng - Director, Investor Relations
Sharon Lim - Chief Executive Officer
Janica Tan - Chief Financial Officer
Koh Wee Leong - Head, Investments & Asset Management
Conference Call Participants
Terence Khi - J.P. Morgan
Geraldine Wong - DBS
Derek Chang - Morgan Stanley
Brandon Lee - Citigroup
Tan Xuan - Goldman Sachs
Jonathan Koh - UOB KayHian
Joy Wang - HSBC
Rachel Tan - Macquarie
Presentation
Operator
Good morning, analysts, investors and members of the public. Welcome to Mapletree Pan Asia Commercial Trust, our MPACT analyst briefing and live webcast for our results for the fourth quarter and the full year, FY2024-25.
I'm Li Yeng. And today for our results briefing, we have the following speakers. They are Ms. Sharon Lim, Chief Executive Officer of MPACT; Ms. Janica Tan, Chief Financial Officer; and Mr. Koh Wee Leong, our Head of Investment & Asset Management. They'll be presenting our financial results, providing business development updates, and sharing some market insights.
Following the presentation, we'll open the floor for a Q&A session where we invite you to ask questions and seek further clarification.
Without further ado, I will hand the floor over to our CFO, Janica.
Janica Tan
Thank you, Li Yeng. A very good morning to everybody. We have just announced our result this morning, so maybe we’ll just go to the slide 6 and quickly go through the financials.
For fourth quarter FY 2024-2025, gross revenue was SGD 222.9 million and NPI was SGD 169.5 million. These were lower by 6.8% and 7.4% year-on-year respectively, and this largely reflects the absence of Mapletree Anson's contributions following its divestment on 31st July, 2024 and lower overseas contributions. As you may recall, we have divested Mapletree Anson, our non-core asset, on 31st July, 2024, and we have applied the entire proceeds to the reduction of borrowings.
Moving on to the OpEx. OpEx improved by 4.9% year-on-year during the quarter, and this was largely due to the Mapletree Anson divestment and lower utility costs, in particular the Singapore portfolio.
Net finance expense for the quarter, 9.4% lower at SGD 61.1 million as compared to fourth quarter last year and this was mainly due to the repayment of borrowings using the net proceeds from the divestment of Mapletree Anson. But this was partly offset by the higher rates on the Sing dollar, Hong Kong dollar and Japanese yen borrowing as our legacy interest rates swap continued to roll off progressively.
So consequently, this amount available for distribution was SGD 103.6 million and DPU SGD 0.0195, down 14.8% year-on-year for fourth quarter.
Moving on to next slide, this shows the contribution by different markets. Singapore properties contribution increased by 1.4% year-on-year, excluding Mapletree Anson, and this accounted for about 53% to both fourth quarter’s portfolio gross revenue and NPI. ...
Mapletree Pan Asia Commercial Trust (MPCMF) Q4 2025 Earnings Call Transcript