DCR maintains profitability at Rs4.1bn

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