Accordia Golf Trust, the business trust comprising Japanese golf courses as assets, has declared a second distribution for FY15/16 of 4.31 cents.
This consists of a distribution of 4.05 cents for the period from Oct 1 2015 to March 1 2016 and a distribution of 0.26 cents, 10% of the retained distributable income for the period from April 1 to Sept 30.
ACT’s trust manager says even though it made a smaller attributable operating loss to unitholders of JPY 777 million ($9.7 million) for the 4Q period from Jan to March, total distributable income available during the period was still positive at JPY 1,550 million.
“The net distributable cash flow is positive despite the operating loss, due to membership fees that are recognised monthly but received and become distributable mostly in the fourth quarter,” says AGT in its filing.
Operating income for 4Q was JPY 10.4 billion, 6.5% higher than a year ago, thanks to favourable weather condition during the period.
Higher temperature during winter season between January to March 2016 increased the number of visitors as well as number of operating days in some of the golf courses. During the quarter, number of visitors to AGT’s golf courses increased 3.2% from the previous year.
Operating expenses for 4Q remained fairly constant at JPY 11,068 million.
Operating loss for 4Q was JPY 622 million, which was 45% lower than a year ago.
Units of AGT closed at 64 cents on Wednesday.
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This consists of a distribution of 4.05 cents for the period from Oct 1 2015 to March 1 2016 and a distribution of 0.26 cents, 10% of the retained distributable income for the period from April 1 to Sept 30.
ACT’s trust manager says even though it made a smaller attributable operating loss to unitholders of JPY 777 million ($9.7 million) for the 4Q period from Jan to March, total distributable income available during the period was still positive at JPY 1,550 million.
“The net distributable cash flow is positive despite the operating loss, due to membership fees that are recognised monthly but received and become distributable mostly in the fourth quarter,” says AGT in its filing.
Operating income for 4Q was JPY 10.4 billion, 6.5% higher than a year ago, thanks to favourable weather condition during the period.
Higher temperature during winter season between January to March 2016 increased the number of visitors as well as number of operating days in some of the golf courses. During the quarter, number of visitors to AGT’s golf courses increased 3.2% from the previous year.
Operating expenses for 4Q remained fairly constant at JPY 11,068 million.
Operating loss for 4Q was JPY 622 million, which was 45% lower than a year ago.
Units of AGT closed at 64 cents on Wednesday.
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