Al Mashaar REIT Fund incurred a net loss of SAR 2 mln (SAR -0.04/unit) for Q3 2020 against a net profit of SAR 6.2 million a year earlier, Muscat Capital, the fund manager, said in a bourse statement on Wednesday.
Losses from funds from operations (FFO) reached SAR 0.32 million during the three-month period, compared to a net profit of SAR 7.9 million in Q3 2019.
|
Income Statement (SAR mln) |
|||
|
Item |
Q3 2019 |
Q3 2020 |
Variation (%) |
|
Rental Income |
9.7 |
-- |
-- |
|
Funds from Operations (FFO) |
(1.9) |
(0.3) |
+83% |
|
Net profit |
7.9 |
(0.32) |
-- |
|
Number of units (mln) |
6.2 |
(2.0) |
-- |
|
Operating EPS (SAR) |
57.2 |
57.2 |
-- |
|
EPS (SAR) |
0.14 |
(0.01) |
-- |
These losses were attributed to reporting zero rental income in Q3 2020. Moreover, asset depreciation costs remained unchanged at SAR 1.7 million, when compared to Q3 2019.
On July 2, 2020, Muscat Capital received a notification from Eskan Development and Investment Co., which requested a reassessment of the due rents of the second installment for 2020.
The request came on the back of impacted rent returns affected by the precautionary measures issued by the relevant government authorities to allow a limited number of people inside the Kingdom to perform Hajj 2020.
On July 8, the fund temporarily suspended calculating the management fees, which stand at 1% of net asset value (NAV).
|
Balance Sheet (SAR mln) |
|||
|
Item |
Sept. 2019 |
Sept. 2020 |
Change (%) |
|
Total Assets |
581.7 |
541.7 |
(7%) |
|
Liabilities |
11.5 |
0.4 |
+97% |
|
Net Assets for Unit Holders |
570.2 |
541.3 |
(5%) |
|
Net Asset per Unit (SAR) |
9.96 |
9.46 |
(5%) |
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