The group’s 3QFY2024 revenue fell by 7.1% y-o-y to $25.1 million, while net property income stood at $22.8 million, down 7.8% y-o-y.
The REIT’s lower operating performance follows the discontinuation of China Tobacco leases in relation to Hengde Logistics Phase 1, lower rental income from Chongxian Port Logistics, and expiry of master lease agreement in August for Fuzhou E- Commerce.
As at Sept 30, the REIT’s gearing stood at 56.1%, exceeding the gearing limit imposed by the Monetary Authority of Singapore (MAS).
Portfolio occupancy for the period stood at 84.1%, while weighted average lease expiry came in at 0.7 year for gross rental income (GRI) and 1.6 years for net lettable area (NLA).
See also: Jardine Matheson posts loss of US$468 mil, but underlying net profit stood at US$1.47 bil
As at Sept 30, EC World’s bank borrowings stood at $466.3 million, comprising onshore and offshore loans of $124.9 million and $341.1 million, respectively.
Units in EC World REIT last traded at 28 cents before it called for a voluntary trading suspension in August.
