DCR maintains profitability at Rs4.1bn

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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