Fortune Real Estate Investment Trust (00778) published its mid-year performance until June 30, 2024, with a profit of 8....
According to the announcement, Fortune Real Estate Investment Trust (00778) released its mid-year performance until June 30, 2024, with a profit of 0.872 billion HKD, a decrease of 4.1% YoY; net property income of 0.633 billion HKD, a decrease of 5.8% YoY; distributable income to fund unitholders of 0.37 billion HKD, a decrease of 17.5% YoY; and a distribution of 18.23 HK cents per unit.
According to the announcement, in the first half of 2024, Hong Kong's retail market faced significant challenges due to slow recovery of tourist arrivals and changes in local consumption patterns. Fortune Real Estate Investment Trust achieved a total income of 0.8718 billion HKD, a decrease of 4.1% YoY (0.9087 billion HKD in the first half of 2023) under these adverse factors. The decline in total income was due to negative growth in rental escalation rates for renewals, mainly from real estate agents and supermarkets.