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EC World REIT’s 2Q and 1H FY2020 Results – A Key Summary and My Thoughts (as a Unitholder) (Guest Post)

EC World REIT’s 2Q and 1H FY2020 Results – A Key Summary and My Thoughts (as a Unitholder) (Guest Post)

Pure-play China specialised logistics and e-commerce logistics REIT EC World REIT (SGX:BWCU) released its second quarter and half-year results for the financial year 2020 ended 30 June 2020 last Friday (07 August) evening.

ec-world

This post was originally posted here. The writer, Lim Jun Yuan is a veteran community member and blogger on InvestingNote, with username known as ljunyuan and has 1241  followers.

As a unitholder of the REIT, I have studied its latest set of results in detail and in this post, you will find the most important aspects of the REIT’s results to take note of, along with my thoughts about it (for sharing purposes):

Key Financial Results (2Q FY2019 vs. 2Q FY2020, and 1H FY2019 vs. 1H FY2020)

In this section, you will find a quarter-on-quarter (q-o-q) as well as a year-on-year (y-o-y) comparison of the REIT’s financial results:

2Q FY2019 vs. 2Q FY2020:

2Q FY2019 2Q FY2020 % Variance
Gross Revenue
(S$’mil)
$23.7m $28.2m +18.8%
Property Operating
Expenses (S$’mil)
$2.6m $2.4m -8.0%
Net Property
Income (S$’mil)
$21.2m $25.8m +22.1%
Distributable Income
to Unitholders
(S$’mil)
$12.3m $11.1m -9.5%

In SGD terms, the REIT’s gross revenue and net property income went up by 18.8% and 22.1% respectively, while in RMB terms, its gross revenue and net property income saw improvements by 19.0% and 22.3% on a q-o-q basis – this is due to contributions from Fuzhou E-commerce which was acquired in August 2019, along with organic rental escalations.

Distribution to unitholders, however, fell 9.5% q-o-q due to the REIT retaining 10% of the distributable income.

1H FY2019 vs. 1H FY2020:

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