Singapore's MYP Ltd H1 revenue falls on outgoing tenants

Overview

• Singapore property investor's half-year revenue fell 3.6% yr/yr

• Company reported net loss for half-year, reversing from net profit last year

• Pretax loss for half-year contrasts with prior period's pretax profit

Outlook

• Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers

• RENTAL AND ANCILLARY INCOME – Revenue fell 3.6% to S$9.0 mln, mainly on outgoing tenants, lower supplemental income and lower electricity income

• LOWER DEPOSIT INTEREST – Net finance costs rose 23.6% to S$5.7 mln, mainly due to lower interest income, partly offset by lower borrowing rates

• TENANT REINSTATEMENT COSTS – Other operating expenses increased mainly due to non-recurring reinstatement costs incurred at an outgoing tenant's request

Company press release:

Key Details

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)