DCR maintains profitability at Rs4.1bn

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By MG News | April 14, 2022 at 01:57 PM GMT+05:00

0:00

April 14, 2022 (MLN): Dolmen City REIT (DCR), has maintained its net profits at Rs4.1bn during 9MFY22 due to a rise in rental income.

The company has posted a rental income of Rs2.58bn against Rs2.19bn in the same period last year, recording a surge of 17.5% YoY. This growth is attributed to the withdrawal of waivers provided by the management to its tenants amid the Covid-19 crisis, an earnings report by Abbasi and Company said.

Marketing income was recorded at Rs157.4mn as compared to Rs108.8mn last year.

As a result, net operating income for the period was recorded at Rs2.3bn million as compared to Rs1.9mn in the corresponding period with an increase of 20% YoY.

On the cost front, administrative expenses increased by 11% YoY to Rs369mn. The other income of the company declined by 26% YoY to Rs75mn as compared to Rs102mn during the same period last year.

In addition, the management fee has been increased by 20% YoY to Rs71mn as compared to Rs59mn during the same period last year.

Moreover, an amount of Rs1.75bn was also recorded as a change in the fair value of investment property which was down by 17.7% YoY.

Alongside financial results, the company announced a final cash dividend of Rs1.09 per share for FY22.

Profit and loss account for the nine months ended March 31, 2022 (Rupees'000)

 

March 2022

March 2021

% Change

Income

 

 

 

Rental income

               2,581,264

              2,196,895

17.50%

Marketing income

                  157,450

                 108,890

44.60%

Administrative and operating expenses

                (369,342)

                (332,436)

11.10%

Net operating income

               2,369,372

              1,973,349

20.07%

Other income

                    74,980

                 101,820

-26.36%

Management fee

                  (71,081)

                  (59,200)

20.07%

Sindh sales tax on management fee

                    (9,241)

                    (7,696)

20.08%

Trustee's remuneration

                  (11,847)

                    (9,867)

20.07%

Sindh sales tax on trustee remuneration

                    (1,540)

                    (1,283)

20.03%

Profit before change in fair value of investment property

               2,350,643

              1,997,123

17.70%

Unrealized gain on remeasurement of fair value of investment property

               1,751,326

              2,127,871

-17.70%

Profit before taxation

               4,101,969

              4,124,994

-0.56%

Taxation

 -

                                     -  

-

Profit after taxation

               4,101,969

              4,124,994

-0.56%

Earnings per unit - Basic and diluted

1.8447

1.855

-0.56%

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